Close Close

Regulation and Compliance > State Regulation

BofA Delays Foreclosures in 23 States

Your article was successfully shared with the contacts you provided.

Bank of America says it is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

The Associated Press is reporting Bank of America is not yet able to estimate how many homeowners cases will be affected, a spokesman for the nation's largest bank says.

A bank official acknowledged in a legal proceeding in February that she signed up to 8,000 foreclosure documents a month and typically didn't read them. The AP obtained the document Friday.

The wire service notes 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.