The Real Deal Miami

Banks begin foreclosure overhaul

January 11, 2011 11:09AM

Banks are beginning to change their foreclosure practices, from making
attorneys sign code-of-conduct pledges to dismissing hundreds of cases.
According to reports submitted to comply with a New Jersey court order,
banks are acknowledging “deficient” and “inadequate” methods in their
foreclosure processes. Bank of America, for example, distributed
a new code of conduct Nov. 30 which must be signed by all outside attorneys
performing foreclosure work for the bank. Attorney Shari Olefson said
she questioned whether the new codes would have an effect. “If I have to
teach you ethics, then why I am letting you be a lawyer?” she said.
“There are so many agendas in this, it’s difficult for me to take
anything seriously.” [Palm
Beach Post]