Bank of America, which recently announced a “foreclosure freeze” so it could investigate the possibility of possible mistakes in thousands of filings, today revealed that it did find errors in “10 to 25 of the first several hundred cases” it put under the microscope last week, according to The Wall Street Journal.
The good news is that the defects — “one address missing one of five digits, misspellings of borrowers’ names, a transposition of a first and last name and a missing signature on one document “underlying” an affidavit” — appear to be relatively “minor.”
In addition, no evidence of wrongful foreclosure has been detected at this time.
The nation’s largest mortgage lender still plans to resubmit about 102,000 foreclosure cases in 23 states after it goes through them with a fine-toothed comb. The latest findings only represent about 1 percent of the final figure.
Nonetheless, it appears that Bank of America is off to a good start — no one who paid his or her mortgage was forced out of his or her home improperly.
Let’s hope it stays that way.
Internal Investigation eh? I smell a rat! I hope they do the right thing for the country.
well banks have been promissing mods for three years for only one reason waiting for the tila respa statues to run out so there is no way to hold them acountable for giving us fraudulent loans. then they have the green light to hire more criminals like green river capitol to force you out. so the bank can sell it cheap for cash , and send you a bix tax bill .then they sue you for the money they pretent to have lost. killing you credit so you can never get another loan. so when is the government going to end this madness save the poor banks, its too late .if we allow the banks to continue they will destoy the whole country. and when the banks get sued im sure there will be a creative escape for them to not be heald accountable. i think it wiould be a great time to create new banks new credit unions, because cant trust any exising banks ever.