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Bank of America Halts All U.S. Foreclosures

Statement issued by home loans unit

Oct. 8, 2010

By staff

Under pressure by both state and federal officials, Bank of America Home Loans has suspended foreclosures in all 50 states.

Earlier this month, a statement from BofA indicated it would delay foreclosures "in order to amend all affidavits in foreclosure cases that have not yet gone to judgment in the 23 states where courts have jurisdiction over foreclosures." Moody's Investors Service quickly placed the servicer quality rating of Bank of America, N.A., on review for a possible downgrade.

Since then, Maryland's governor and attorney general and a Baltimore congressman jointly called on mortgage companies to voluntarily halt foreclosures in the state, and Texas Attorney General Greg Abbott sent notices to 27 loan servicers calling for a suspension of all foreclosures in the Lone Star State.

In addition, North Carolina Attorney General Roy Cooper said the Consumer Protection Division is investigating 15 servicers, Minnesota Attorney General Lori Swanson called on 15 of the nation's largest mortgage lenders to voluntarily stop home foreclosures and Iowa Attorney General Tom Miller asked three servicers to halt pending foreclosures in the state.

BofA was included among each state's targets.

The U.S. Department of Justice is also reportedly looking into the mortgage servicers' foreclosure

Today, the Calabasas, Calif.-based company issued a statement about all U.S. foreclosures.

"Bank of America has extended our review of foreclosure documents to all fifty states," the statement said. "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."

BofA is the country's biggest servicer of residential loans.

Bank of America profile

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