Bank of America Stops All Foreclosures Due to Questionable Foreclosure Documents
October 8th, 2010 at 10:03am
Bank of America became the first lender to halt foreclosure proceedings against distressed borrowers in all 50 states amid questions about whether it had properly processed foreclosure documents. JP Morgan Chase, Ally Financial, Inc. (GMAC), Wells Fargo and other lenders are under the microscope too, although Wells Fargo denies it failed to follow state foreclosure laws. Despite the self-imposed moratorium, Bank of America claims “Our ongoing assessment shows the basis for our past foreclosure decisions is accurate.”
Despite the denial, Renee Hertzler, a Bank of America employee, has acknowledged in at least one deposition that she routinely signed 7,000 to 8,000 documents per month having to do with foreclosing on residential properties.
Also today, Pittsburgh-based PNC Financial Services Group, Inc. announced it is suspending foreclosure proceedings in the 23 judicial foreclosure states for a month while it conducts an internal review to confirm it has complied with state foreclosure laws.
Read the full article in Yahoo News and MSN.
Despite the denial, Renee Hertzler, a Bank of America employee, has acknowledged in at least one deposition that she routinely signed 7,000 to 8,000 documents per month having to do with foreclosing on residential properties.
Also today, Pittsburgh-based PNC Financial Services Group, Inc. announced it is suspending foreclosure proceedings in the 23 judicial foreclosure states for a month while it conducts an internal review to confirm it has complied with state foreclosure laws.
Read the full article in Yahoo News and MSN.
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