Mortgage lender delays foreclosures in 23 states
10/1/2010WASHINGTON - Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.
The move adds the nation's largest bank to a list of mortgage firms whose employees signed documents in foreclosures without verifying the information.
Two other companies, Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.
A Bank of America official, Renee Hertzler, acknowledged in a legal proceeding in February that she signed up to 8,000 foreclosure documents a month and typically didn't read them. She also acknowledged identifying herself as a representative of a different bank she didn't work for.