Bank of Amercia Suspends All Foreclosures
The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.
"Robosigning" allegations are mounting and Sen. Chris Dodd said he will hold a hearing on foreclosure practices November 16. State attorney generals are also investigating and initiating or contemplating fraud suits. Here's more on the prevalence of robo-signing.
Bloomberg has an interesting column describing how even a man who had no mortgage had his home foreclosed on due to the robo-signing.
"We started instructing people to pull their documents from the clerk of the court," says Anne Batte, who runs a foreclosure-assistance group in Georgia called Operation Restoration. "And the more we instructed, the more we saw. Nearly every document I have seen has been improperly signed."
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