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  • Bank of America Corp. (NYSE:BAC) is Delaying Foreclosures in More Than 23 states

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    Monday Oct. 4, 2010 at 12:13 pm EST
    Bank of America Corp. (BAC) Delays Foreclosures 
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    Bank of America Corp. (BAC) suspends all affidavits and court document followed by the delays on foreclosures in 23 states. The firm delays foreclosures in more than 23 states because of incomplete documents. Bank of America, became the latest to suspend foreclosures in regards to the disclosure that employees and contractors did not review the papers properly before filing them. Dan Frahm, spokesman from Bank of America, said the bank is delaying foreclosure process in affected states "to be certain affidavits have followed the correct procedures" and "to amend all affidavits in foreclosure cases that have not yet gone to judgment," the newspaper said. In last two weeks two biggest U.S home lenders reveled questionable methods and so the foreclosures have slowed.

    Due to this slowdown, the market remains tumultuous, but some economist said that this could be laying the base for a housing segment recovery. An analyst said that Lenders without any know processing problem would approach defaults with more precaution and work hard on resolutions short of evicting homeowners in arrears. "Maybe this is like shock therapy," economist Karl Case said in a statement. "Maybe this will actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody."

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