Bank of America Halts Foreclosures

Now Bank of America (BoA) has joined the crowd by freezing home foreclosures in 23 states as it investigates whether there were flaws in its process. "We have been assessing our existing processes," Bank of America said in a statement. "To be certain affidavits have followed the correct procedures, Bank of America will delay the process in order to amend all affidavits in foreclosure cases that have not yet gone to judgment in the 23 states where courts have jurisdiction over foreclosures." Bank of America did not have an estimate of the number of homeowners that will be affected by the delayed process. The announcement comes two days after JP Morgan Chase said it will also halt foreclosures for about 56,000 homeowners after learning that its employees may have approved foreclosures without personally reviewing loan files.