Bank of America Stops Foreclosures in All 50 States - Newschannel 6 Now | Wichita Falls, TX

Bank of America Stops Foreclosures in All 50 States

WASHINGTON (AP) Bank of America Corp., the nation's largest bank, is stopping sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.

The company had previously said it would only stop such sales in the 23 states where foreclosures must be approved by a judge.

The move comes amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.

"We will stop foreclosure sales until our assessment has been satisfactorily completed," company spokesman Dan Frahm said in a statement. "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."

This comes after Texas Attorney General Gregg Abbott ordered 30 companies to put a freeze on foreclosures.  

 

 

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