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Bank of America halts foreclosure sales in all states

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Charles Riley
CNN
Friday, October 8, 2010

NEW YORK (CNNMoney.com) — Bank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.

“Bank of America has extended our review of foreclosure documents to all fifty states,” spokesman Dan Frahm said in an e-mailed statement. “We will stop foreclosure sales until our assessment has been satisfactorily completed.”

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“Our ongoing assessment shows the basis for our past foreclosure decisions is accurate,” Frahm added. “We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.”

Last Friday, the nation’s largest bank announced that it was freezing home foreclosures in 23 states.

Full story here.

This article was posted: Friday, October 8, 2010 at 8:45 am





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