Well, that was quick. Bank of America will soon lift its self-imposed moratorium on foreclosures. The bank, which has has a gigantic mortgage portfolio due to its acquisition of Countrywide in 2008, had halted foreclosures in all 50 states when documentation and procedural problems were found. Here's Dan Fitzpatrick from the Wall Street Journal with the news:
Bank of America Corp. on Monday began preparing new affidavits for 102,000 pending foreclosure actions where court approval is required, applying new signatures to documents in 23 states.
By Oct. 25, a spokesman said, the Charlotte, N.C., bank expects the new affidavits to be resubmitted to the courts and foreclosure sales will resume in those states starting in November.
But in the other 27 states, the foreclosure delay will continue, for now.
Read the full story at the Wall Street Journal.
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