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Bank of America halts sales of foreclosed homes
Posted: 10.08.2010 at 12:42 PM
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The nation's largest bank is halting sales of foreclosed homes in all 50 states.

Bank of America announced the halt as it assesses the accuracy of foreclosure documents.

Just a week earlier the bank said it would only stop sales in the 23 states that require judges to approve foreclosures.

In a statement, Bank of America said their assessments so far show "the basis for foreclosure decisions is accurate."

In recent days allegations have mushroomed that employees across a range of mortgage companies have signed foreclosure documents without verifying their accuracy.

Attorneys general from multiple states have called on some banks to halt foreclosures amid concerns about possible legal violations.

On friday, PNC Financial Services Group said is halting most foreclosures in 23 states for about a month to review documents.

Ally Financial's GMAC Mortgage Unit and JP Morgan Chase have also made similar moves in the past two weeks.

7 & 4 News contacted Bank of America.  Jumana Bawens, the media contact with the bank says the halting of foreclosures will impact homeowners going through foreclosure at this time.  "We will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time," said Bawens.

Bank of America is the country's largest servicer, with 1 in every 5 mortgage loans.

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