Wow! Bank of America stops foreclosures nationwide. I am shocked. What next? We now know the too big to fail extended, deepened and worsened this crisis. AIG has been the biggest culprit in driving down prices due to rejecting short sales. If they would have just failed, then have the US government bailout American Banks we would be much better off, in my opinion. The Tax Credit worked so well to eat up inventory. Then, the press comes along and scares the buyers to death. They are a self-fulfilling prophecy! They reported a possible dip in home values and now buyers are walking away from good purchases left and right. Now I believe there will be a second dip.
I know stopping the foreclosures will be beneficial for many people hurting that are in foreclosure. But let’s face it, its time to move on. The market is also being hit by all the people that think they are getting a loan modification, and they are not. Or the loan mod is not very helpful, not what they thought.
Just my opinion…Jeff Cameron
Bank of America Stops Foreclosures Nationwide
Faced with increasing political pressure, Bank of America (BAC: 13.34 ,+0.04 ,+0.26%) on Friday became the first major bank to halt foreclosure sales and proceedings in all 50 U.S. states.
Banks have come under scrutiny in the wake of the disclosure that the industry’s foreclosure process had used “robo-signers,” or people who sign hundreds or thousands of documents a day without reviewing the details.
BofA, which is the largest U.S. mortgage servicer, said it has decided to extend the review of its foreclosure documents across the entire country.
“We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate,” BofA said in a statement.
The revelations on “robo-signers” have led a number of lawmakers have called for an industry wide moratorium on foreclosures amid concerns the process has been unfair to homeowners.
,+0.26%) and Ally Financial all postponed foreclosures in 23 states that require a court order to foreclose on a home.
“We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus,” BofA said in the Friday statement.
BofA’s new move takes effect on Saturday and the bank doesn’t plan to life the moratorium until it completes a review of the documents, The Wall Street Journal reported.
The announcement appeared to help lift BofA’s stock, which was up 1.1% to $13.46 Friday morning. The bank’s shares have slumped nearly 12% year-to-date.
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