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But it appears that a key $8.5 billion settlement with large investors is playing a role in pushing many more people into foreclosures. The Bank of America Escalates Foreclosures After Settlement
Bank of America (BAC) will delay foreclosures on properties in 23 states to review whether its employees signed off on foreclosure documents without reading them, making the largest U.S. bank at ...
After a 16-day review of its foreclosures, Bank of America (BAC) has pronounced itself satisfied: It found no problems at all with any of them, and it's ready to resume processing foreclosures.
[3] [4] The foreclosure crisis caused significant investor fear in the U.S. [5] A 2014 study published in the American Journal of Public Health linked the foreclosure crisis to an increase in suicide rates. [6] [7] One out of every 248 households in the United States received a foreclosure notice in September 2012, according to RealtyTrac. [8] [9]
The primary reason for bank walkaways is that a bank expects to lose money by foreclosing – when proceeds from a foreclosure sale are expected to be insufficient to cover the cost of the foreclosure itself, together with securing, maintaining, and marketing the home for sale. Thus, if the bank were to foreclose (taking ownership) and then ...
Bank of America (BAC) plans to halt foreclosure sales across the nation, as it reviews whether it handled its foreclosure documentation and procedures properly, the banking giant said Friday.