Busted: Bankers and The Global Economy

October 1, 2010

B of A delays foreclosures in 23 states

Filed under: banking, business, corporatism, economy — Tags: , , — digitaleconomy @ 12:03 am

Bank of America says it will delay foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

Bank of America is not yet able to estimate how many homeowners cases will be affected, a spokesman for the nation’s largest bank says.

A bank official acknowledged in a legal proceeding in February that she signed up to 8,000 foreclosure documents a month and typically didn’t read them. The Associated Press obtained the document Friday.

The executive’s admission adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.

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