Foreclosures Halted!

bank of america e1286555409810 Foreclosures Halted!

Bank of America halts foreclosures around the entire nation.

The news was announced today. Here is a story from

Bank of America is halting foreclosure proceedings in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.

“Bank of America has extended our review of foreclosure documents to all fifty states,” spokesman Dan Frahm said in an e-mailed statement. “We will stop foreclosure sales until our assessment has been satisfactorily completed.”

“Our ongoing assessment shows the basis for our past foreclosure decisions is accurate,” Frahm added. “We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.”

Last week, the nation’s largest bank announced that it was freezing home foreclosures in 23 states.

The announcement came two days after JP Morgan Chase said it will also halt foreclosures for about 56,000 homeowners after learning that its employees may have approved foreclosures without personally reviewing loan files.

Ally Financial, previously known as GMAC, the finance arm of General Motors, has also paused foreclosures in the 23 states. To top of page

  • Sarah

    This should have been halted when the first TARP check was handed out in Nov 2008 to these banks. Better yet, we should have allowed them all to fail, especially Citi, Chase and Bank of America. These were the biggest welfare receipents, and now they are on this rampage to throw as many people out of their homes and sell it. Remind you, most of these properties have no clear titles since they were bundled and sold as commodities to foreign investors.
    We need to wake up and start doing what the Europeans are doing. In France they came out 1 million strong when the govt tried to raise the retirement age, when are we going to start doing the same thing? We have to put a hurting on these financial institutions by not using their cards, moving checking accts from them to credit unions, and contacting our congressional reps. We need to let one of these big 5 banks fail, for the rest to get the message.

  • jimmielee

    “Bring on the MORTGAGE HOLIDAY!!……”

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