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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.

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  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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