Bank of America and GMAC are restarting foreclosures after problems with paperwork caused the banks to halt the process in 23 states. Bank of America reopened 100,000 home-seizure files after saying it found no major problems in its paperwork procedures. GMAC didn’t say how many foreclosures it would restart work on. Lenders are pushing back against a growing political backlash over allegations that their employees signed hundreds of foreclosure documents a day without bothering to read them. A Bank of America spokesman said the move was a “first step” in efforts to debunk “speculation” that the mortgage market has big problems. The company will begin selling seized homes in November.
Read it at The Wall Street Journal
