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· On Thursday, October 7th, President Obama vetoed a bill to speed up foreclosures given the flaws in the foreclosure process. On october 8th bank of America, the nation’s largest bank, announced that it would halt foreclosure sales in fifty states.
· Bank of America will stop foreclosures in all 50 U.S. states, CNBC and the Wall Street Journal report. Last week the bank, the country’s biggest by assets, announced it was halting foreclosures in the 23 states where foreclosures are processed in court , saying it needed to review foreclosure documents for potential errors.
Bank of America has announced they will be halting foreclosures in all 50 states. This follows up on reports last week they would stop them in about 25 of the 50. The problems stem from the fact.
‘Bank of America, the country’s largest bank, said on Friday that it was halting all foreclosure proceedings and sales of foreclosed homes indefinitely.’ David Streitfeld, The New York Times Largest US Bank Halts Foreclosures in All States
Bank of America halts foreclosures in 23 states. Bank of America ( BAC, Fortune 500) did not have an estimate of the number of homeowners that will be affected by the delayed process. The announcement comes two days after JP Morgan Chase ( JPM, Fortune 500) said it will also halt foreclosures for about 56,000 homeowners after learning.
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The Texas AG, California AG and Connecticut AG had already called for similar foreclosure freezes. And a number of other states have demanded a halt to all foreclosures, with the latest being Delaware, Iowa, Massachusetts, and North Carolina. These and similar accusations led Ally Financial and Chase to stall foreclosures in 23 other states.
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(Bank of America now has a moratorium in all 50 states.) Robosigning fiasco While foreclosures dwell in limbo, the companies will deal with fallout from a controversial practice dubbed.
In the Crosshairs Today: Thornburg Mortgage Today Thornburg mortgage (tma) filed reports stating they had met $300 million of margin calls on approximately $3 billion of their mortgage portfolio. The financial news services wasted no time getting out their Thesauri for snappy headlines (via Yahoo Finance): Hit – Wall Street Journal – a little lame.
Bank of America is expanding its foreclosure freeze from the 23 judicial states to include all 50 states. Consumer advocacy groups, state attorneys general, and federal lawmakers are all calling.
Last week, Bank of America halted foreclosures in 23 states where evictions need court approval, saying it was reviewing its filings in the wake of disclosures about improperly prepared documents. Those states include Florida, Illinois and New York. Bank of America services 14 million loans.
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BofA halts foreclosure sales in all 50 states.. Bank of America said it’s extended its review of foreclosure documents to all 50 states, and will stop all foreclosure sales until the review.