Bank of America Plans to restart Foreclosure Activity 10/25/10

A Bank of America spokesman said

the bank has found "no cases" so far

of foreclosures that shouldn't

have "gone through."

By Dan Fitzpatric
The Wall Street Journal
10/18/10

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 bank spokesman said, it expects the new affidavits to be resubmitted to the courts and foreclosure sales will continue in those states.

The nation's largest bank by assets, Bank of America is the only financial institution to have halted foreclosures and foreclosure sales in all 50 states while it reviews documents for errors. Concerns have been raised about foreclosures across the country because banks used "robo-signers" to approve hundreds of documents a day, raising questions about the underlying accuracy of the information.

A Bank of America spokesman said the bank has found "no cases" so far of foreclosures that shouldn't have "gone through."

Bank of America's largest investors, the spokesman said, signed off on the new affidavit schedule. The bank will continue delaying foreclosure sales in the remaining 27 states where court approval isn't required until a review is completed "on a state by state basis."

All told, Bank of America expects delays on fewer than 30,000 foreclosure sales across all 50 states.