Bank of America halts foreclosures in all states

Today, Bank of America announced that they were halting foreclosures in all 50 states. Wow. Can you imagine the effect that will have on the real estate market? Here are some things I thought of: Reduced inventory: supply vs. demand = prices increasing?

On Friday, Bank of America suspended foreclosures in 23 states to review its processes and fix affidavit-related issues. It joins JP Morgan Chase and GMAC/Ally in halting foreclosures in order to ensure the foreclosure process is carried out properly.

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WASHINGTON – Bank of America Corp., the nation’s largest bank, is stopping sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.

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The nation’s largest bank, Bank of America, stopped sales of foreclosed homes in all 50 states today, a sign that the growing crisis in the real estate industry over flawed foreclosures is worsening. Bank of America executives said that the decision will allow them to review the documents that it uses to process foreclosures.

Bank of America Halts Foreclosures in All 50 States from Zero Hedge : "As we expected when we reported that the Delaware AG got into the foreclosure fray (Delaware not being a judicial state), it was only a matter of time before foreclosures would be halted in all 50 states.

NEW YORK (CNNMoney.com) — Bank of America is the latest in a string of banks to freeze home foreclosures in 23 states as it investigates whether there were flaws in its process. "We have been.

 · SAN FRANCISCO (MarketWatch) — Bank of America Corp. BAC, +0.31% is halting foreclosures in all 50 states, The Wall street journal reported friday on.

 · With calls mounting for a national moratorium, Bank of America Corp. said Friday that it would halt the sale of foreclosed homes indefinitely in all 50 states as the nation’s largest lender.

 · Bank of America announced Friday it will halt foreclosures in all 50 states amid questions about the validity of paperwork and documents in the foreclosure process.

Bank of America has decided to halt all foreclosure sales. So will other banks follow BofA’s lead and what impact will the move have on the housing market? Rick Brooks and Brett Arends discuss.

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