BofA halts US foreclosure sales

New York /
Oct.October 08, 2010 03:00 PM

Bank of America is stopping all foreclosure sales and proceedings in all 50 states, it said today, though it’s unclear how this action will impact homeowners who are currently negotiating with their lender, Crain’s reported, though experts told CNBC, in the video above, that it’s bad news for the housing market. The Charlotte, N.C.-based bank — the largest in the country — decided to halt foreclosures, following JPMorgan Chase and GMAC Mortgage’s freezing of foreclosures last week to examine what it has been shown to be a flawed process for documenting and filing foreclosures. “We will stop foreclosure sales until our assessment has been satisfactorily completed,” BofA said in a statement. The halt in foreclosures comes amid reports that banks have used so-called “robo-signers” to sign hundreds of documents and affidavits used to foreclose on a home without reviewing them. In New York, where foreclosures need to be approved by a judge, these documents are crucial because most properties have securitized loans with multiple stakeholders. [Crain’s]
 

Related Articles

arrow_forward_ios
(Illustration by The Real Deal)
More than 14K LI residents in mortgage delinquency
More than 14K LI residents in mortgage delinquency
From left: Jamie Dimon, chief executive officer, JPMorgan Chase and Don Peebles, chief executive officer, The Peebles Corporation (Getty Images, KPFF Consulting Engineers/Illustration by Steven Dilakian for The Real Deal)
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
From left: Gary M. Tischler, founder and managing partner, Vanbarton Group; Eugene (Gene) Kohn, chairman, KPF (Getty Images, KPF, Google Maps/Illustration by Steven Dilakian for The Real Deal)
Vanbarton quietly taps KPF as NoMad tower architect
Vanbarton quietly taps KPF as NoMad tower architect
(iStock)
Mortgage rates hit 20-month high
Mortgage rates hit 20-month high
432 Park Avenue, Whitney Duan and Maverick Real Estate CEO David Aviram (432 Park, LinkedIn)
Lender suspicious of “missing” billionaire in 432 Park foreclosure
Lender suspicious of “missing” billionaire in 432 Park foreclosure
Top banks keeping NYC employees home from Wall Street amid Covid surge
Wall Street banks keeping NYC employees home as Covid surges
Wall Street banks keeping NYC employees home as Covid surges
Vornado's Steven Roth and Donald Trump with 1290 Sixth Avenue (Getty, VNO)
Vornado, Trump top Manhattan’s largest loans in November
Vornado, Trump top Manhattan’s largest loans in November
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty, TheXI)
Witkoff and Access Industries buy HFZ’s languishing XI condo project
Witkoff and Access Industries buy HFZ’s languishing XI condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...