Curtailing a moratorium sooner than expected, Bank of America announced Monday that it would resume foreclosures by next week in 23 states where court approval is needed to go ahead.
The decision covers 102,000 mortgages. While the bank said it had found no evidence that foreclosures had been made in error, it said the foreclosure moratorium would remain in effect in the 27 states where a judicial proceeding is not required, as the review proceeds state by state.
While JPMorgan Chase, GMAC and other institutions have imposed similar freezes, Bank of America is the only one to put it into effect in all 50 states, and as the country’s biggest bank, it is closely watched by the rest of the industry.
In recent weeks, reports of improper procedures at mortgage servicers, like having officials sign thousands of documents a month — so-called robo-signers — have set off a political furor. Last Wednesday, all 50 state attorneys general announced an investigation of the mortgage service industry practices.
“As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate,” the bank said in a statement. “Our decision to review our process and later, to extend our review to all 50 states, has been an important step to give customers confidence they are being treated fairly.” By NELSON D. SCHWARTZ
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