Mortgage Default Information

Bank of America making changes in foreclosure

BUILDER Online |

In Brief...

Bank of America is telling a Senate panel it is making changes in its foreclosure process after an extensive review found areas needing improvement. Bank of America found in its review that its foreclosure decisions weren't based on inaccurate documents but did see ways the paperwork could be improved, a bank executive says in testimony prepared for a hearing Tuesday by the Senate Banking Committee. Among the changes, the legal documents used in the process will each be reviewed by the signer and promptly notarized, said Barbara Desoer, president of the bank's home loans division. Also, Charlotte, N.C.-based Bank of America is putting in new procedures for selecting and monitoring the law firms it retains to process foreclosures. In addition to Bank of America Corp., JPMorgan Chase & Co. and Ally Financial Inc.'s GMAC Mortgage have suspended foreclosures for some period because of flawed documents.

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