And the plot thickens...

Bank of America, the largest servicer of mortgage loans, has announced it will halt foreclosure sales in all 50 states. While news flashes on trading terminals indicate BoA enacted a moratorium on all foreclosure proceedings, the official statement leaves out that detail. The presser implies BoA will stop selling their current REO until they are able to fully review administrative processes and confirm compliance is being kept. I saw nothing about halting all foreclosure proceedings. If BoA clarifies, I will update.

Just released on BoA's website:

“Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.”

From Foreclosure Fiasco: No End in Sight. Nothing But a Big Mess: "This is a procedural loophole. Lots of noise surrounding a technicality. But why does no one stop to consider the cascading consequences?"



When does the rest of the list follow BoA's example?