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  • Bank of America Corp. (BAC) to Halt Foreclosures

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    Friday Oct. 8, 2010 at 08:10 pm EST
     
    Bank of America Corp. (BAC) Halts Foreclosures 
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    Bank of America Corp. (BAC)halts its foreclosures in all 50 states today. This is a sign indicating that increase in crisis in real estate industry over flawed foreclosures is worsening.The nation's largest bank, Bank of America, said that the decision will allow them to review the documents which they use to process foreclosure. Last week, the bank had stopped the sales of foreclosures in 23 states. Bank of America Spokesman, Dan Frahm said that "We will stop foreclosure sales until our assessment has been satisfactorily completed," and "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."

    PNC Financial Services Inc. also said today that it will halt most of foreclosures in 23 states for a month and recheck and review the documents. Recently, JPMorgan Chase, Ally Financial's GMAC Mortgage unit and some other banks have found out number of errors in the documents ranging from wrong dates to forged signatures. In many instances, the mortgage company employees did not verify information upfront and signed the forged documents.

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