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Bank of America halts foreclosures in all 50 states
Friday, October 8th, 2010 at 9:27am. 642 Views, 1 Comments.
Bank of American and PNC have stopped foreclosures amid document issues. The moratorium on foreclosures is to start on Saturday. PNC Financial Services Group INC is stopping proceedings in 23 states for a month in order to review documents to make sure they are complying with state laws. Bank of America has taken a more wide spread approach and stopped foreclosures in all 50 states.
These moves come amid political pressure on big US Banks to review foreclosure documentation problems. Bank of American has added fuel to the fire by being the first to admit that the banking industry has used "robo-signers." These are people who sit in rooms and do nothing but sign hundreds of documents, they do not review anything, they just sign.
What does this mean…