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October 4, 2010

Bank of America Suspends Foreclosures in 23 States
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Bank of America has joined JPMorgan Chase in suspending foreclosures in
twenty-three states following revelations that employees at several
lenders had approved thousands of foreclosure affidavits and other
documents without proper vetting. In Massachusetts, one Bank of America
employee admitted she signed as many as 8,000 foreclosure documents a
month and "typically" did not read any of them because of the high
volume. Attorneys general in California, Colorado, Connecticut, Illinois
and Ohio have all launched investigations into what appears to be
widespread fraud by the nation’s major banks and lenders. It is unknown
how many homeowners lost their homes due to foreclosure fraud. Banks are
expected to seize a record 1.2 million homes this year, a twelvefold
increase since 2005.



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