Bank Of America Resuming Foreclosures
That sure was quick.
Bank of America will re-start its foreclosure engines in 23 states by October 25, the company said today.
The stock is up on the news, of course.
The bank is preparing to refile paperwork in over 100,000 foreclosure cases. It claims that it has discovered no cases in which a foreclosure was completed in error. An additional 30,000 foreclosures will be delayed in 27 states, according to news reports. The bank will continue delaying foreclosure sales in 27 states while it completes a state-by-state review.
We're guessing this means that Bank of America is going full-steam ahead in the so-called judicial states, where foreclosures require a court order. Ironically, the delays continue in the bank-friendlier states that do not require an initial judicial review.
Bank of America's largest investors signed off on the new affidavit schedule, according to a spokesman (via the Wall Street Journal).