BofA Exec Admits She Didn't Read Foreclosure Papers
A Bank of America official acknowledged in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn't read them.
The executive's admission adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.
Two other companies, Ally Financial's GMAC Mortgage unit and JPMorgan Chase , have halted tens of thousands of foreclosure cases after similar problems became public.
The Bank of America executive said in a February deposition that she signed 7,000 to 8,000 foreclosure documents a month. "I typically don't read them because of the volume that we sign," she said.
Bank of America declined to comment.