Sweeping

Bank of America Halts All Foreclosures

Bank of America is halting foreclosures and sales of foreclosed properties in all 50 states until it can complete an internal review of its processes. BofA is the country’s largest mortgage servicer and the first U.S. bank to suspend foreclosures nationwide. The decision comes on the heels of controversy over banks’ foreclosure processes: Some banks are using automated processes to notarize documents to kick people out of their homes instead of reviewing the documents carefully. JPMorgan Chase & Co. and GMAC Mortgage have suspended foreclosures in 23 states.