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Bank of America to lift foreclosure freeze in 23 states next week

Bank of America said Monday that it will effectively lift its foreclosure freeze on Oct. 25 when it begins resubmitting foreclosure documents to courts in 23 states.

The bank said the new documents will be used in 102,000 foreclosure actions in which judgment is pending in the 23 states.

Foreclosures in the other 27 states, which do not require a court order for a foreclosure, will remain frozen as the company continues its state-by-state review. That should affect another 30,000 foreclosures.

Bank of America spokesman Dan Frahm said in a statement that the company's initial assessment showed that in those 27 states, as is the case in the states where the ban has been lifted, "the basis for our foreclosure decisions is accurate."

Frahm said the company had reviewed its foreclosure procedures with key stakeholders, including " our largest investors," perhaps alluding to the beating Bank of America's stock has taken in recent days on worries about the foreclosure issue.

By Ariana Eunjung Cha  | October 18, 2010; 4:10 PM ET
Categories:  Corporations, Housing  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Do you have mishandled foreclosure documents?
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Comments

The sooner the better. Between the extensions of unemployment benefits and the Administrations' efforts to put off the inevitable foreclosures, too many people are just sitting on their hands while sucking up at the trough.

Posted by: magellan1 | October 18, 2010 4:30 PM | Report abuse

Shame, shame, shame. They are following the White House lead and go forward. At first, they thought the politicians were going to deal with their fraud. But, that did the phony moratorium long enough to see which direction to go in. Now, that they are pretty much been told that they can continue to get away with the scandal, they are about to go all it, before the real investigations start. The crooks and money will disappear before then and the banksters will have swindled the everyone AGAIN thanks to the White House. This is truly a sad dad in Amercian greed.

Posted by: Xfactor | October 18, 2010 4:49 PM | Report abuse

when will the BOA board pull the trigger and can Brian Moynihan? he was a nonstarter and needs to go.
his "we'll check our homework" remark about the bank's mess of mtg. paperwork was especially galling.
his poor performance and under-whelming skills make BOA seem even worse than the foreclosure fiasco.
can him.

Posted by: Anonymous | October 18, 2010 4:50 PM | Report abuse

Frahm said the company had reviewed its foreclosure procedures with key stakeholders, including " our largest investors," perhaps alluding to the beating Bank of America's stock has taken in recent days on worries about the foreclosure issue. This is it in nutshell. To hell with the homeowners. It is all about the stockholders. The government gave the banks billions of dollars to assist homeowners, but all the banks are really concerned about are their "investors". Obama, you need to step up and make these banks modify as many loans as possible with the billions of dollars of taxpayer dollars given to them for that purpose. This article is stating that Bank of America is about through 132,000 families into the street.

Posted by: Xfactor | October 18, 2010 4:55 PM | Report abuse

Frahm said the company had reviewed its foreclosure procedures with key stakeholders, including " our largest investors," perhaps alluding to the beating Bank of America's stock has taken in recent days on worries about the foreclosure issue. There you have it in a nutshell. It has never been about keeping people in their homes; just about profit, profit, profit. It is a sad dad in American greed. Bank of America is about to throw 132,000 families into the streets with the approval of its investors and the White House. Nevermind, that the Bank was given billions of dollars to modify loans and is still holding on to most of the money and refusing to modify as many loans as possible. All the banks care about is profit. The mortgage are being sold as securities, the banks are foreclosing on the homes, collecting insurance and re-selling the homes. What a racket. Obama, you could have stopped this. So, this is going to be your place in history?

Posted by: Xfactor | October 18, 2010 5:02 PM | Report abuse

The White House has interest in slowing down or stopping foreclosures. They take their orders from the banks. They don't care how many homeless people this creates.

Bank of America is free to finish raping their customers and the Countrywide customers they inherited when the company went bankrupt due to fraud.

Posted by: Anonymous | October 18, 2010 5:05 PM | Report abuse

Dear Xfactor:
I have two mortgages with BOA. I'm constantly given a song-and-dance about "their investors." When I question the identity of these so-called investors, I meet a brick wall of momumental arrogance. For all I know, they could be Al-Quaida or some variation thereof. The point is all of these banks are a crock when they try to explain away their inability or unwillingness to negotiate on mortgages. A pox to all of these investors and mortgage companies.

Posted by: Anonymous | October 18, 2010 5:12 PM | Report abuse

@xfactor: I am a real estate broker and deal mainly in foreclosures. Believe me, they are not kicking 132,000 families to the streets. 99% of the time the home has been abandoned for months if not years. And the way these people trash the homes, I don't think they're too upset having to leave. If you could see some of the horrific conditions these people live in, they have no business owning a home. What exactly do you want Obama, or anyone in government to do?

Posted by: Anonymous | October 18, 2010 5:37 PM | Report abuse

These lenders failed to comply with the law evading millions in taxes & fees. In doing-so, they servered the loan from the property.

The foreclosures are illegal because the properties are no longer the collateral. Worse, they are paid 100% on these loans when they foreclose by the mortgage insurance. The were PAID again by the bail out. And Paid several more times from the securities ins, default ins, bond ins, etc, they purchased with cessPool Trusts.

Yep, cashed in multiple insurance polices - took bail outs - and now take the houses from these families because why? There is no debt owed if it was paid off SEVERAL TIMES...

If ever there were a reason for customized McVeigh U-Haulers, this is a good one.

How long will the people tolerate such arrogance & abuse before the reaper starts pounding on their doors? Jefferson stated clearly in the Declaration of Independence what to do about it - even said it was our duty. This is NOT about deadbeats not paying. This is clearly about a very corrupt clan that believe they are above the law. Who's LAW?

Keep the Powder Dry

Posted by: Anonymous | October 18, 2010 5:48 PM | Report abuse

Anonymous Real Estate Broker - That is good, if that is accurate. Most of stories that I am seeing are families that are in their homes and have gotten behind in their payments, but they just want to be given a chance to stay in their homes and catch up. I am seeing articles where the banks have charged so many fees that the homeowners are drowned. I read a few articles where the homeowners were strung along with pending home loan modifications, while all of the time the banks were reporting them as late and charging fees for the difference that they were not paying. I am seeing article after article of where employees signed 100s of thousand of foreclosure documents without reading them. I am reading articles where courts are saying that documents presented were actually forged and/or backdated. In short, if families are in the homes and making efforts to pay their mortgages, even if it is not all of it, then the banks should work with them. Because, the fact is, they are sitting on billions of dollars that the same taxpayers are fronting. Now, if a home is abandon, then foreclosure and it, repair and sell it. It just seems that because the mortgages have been sold as securities, the banks and the White House are more concerned about the investors than the families. It does not take throwing families into the streets to ensure that our economy will rebound. The problem with our economy is jobs. Until the jobs issue is resolved, the foreclosures will continue. So, that family that gets the "great" deal on a foreclosed property, is probably still on loss job away from being the next foreclosure victim, because the banks will run the same game on them.

Posted by: Xfactor | October 18, 2010 5:56 PM | Report abuse

Does anyone really believe that Bank of America actually has proper paperwork for all the mortgages it wants to foreclose?

It's not yet mainstream news, but the problems with securitized mortgages run much deeper than just a simple failure by some attorney to "read" the relevant documents prior to foreclosure. The mortgages were sliced and diced and packaged for resale. The underlying promissory notes may or may not have been tracked and are now lost, in many cases.

Let's watch and see is the banks are able to cover up their fraud.

Posted by: John991 | October 18, 2010 5:57 PM | Report abuse

Can't find the Investor...

That's because your loan was never Transferred to the Trust. They CLAIM it was but that is why there are so many false affidavits - forgeries and whatnot. The Fed is trying to make the repurchase these loans. THAT IS A LIE. They are trying to make repurchase the BONDS. The loans were never legally transferred because the lenders did NOT want to pay the recordation fees & taxes. THAT is why they are having trouble. Borrowers are learning about their deceptive ways.

PER THE LAW - ONLY the owner of the DEBT or injured party can demand payment. BofA is merely servicing your debt. The NOTE was spliced and resold 100s of times. Look at your DEED of TRUST (Mortgage) and see if there is anything indicating it TRANSFERRED. It should be on the last page or so... PER LAW it must be permanently AFFIXED to your Deed of Trust. If not file a Quiet Title action in court and then the COURT forces them to cough up the information...

Maybe al-Qaeda could use some target practice - I say we send them the addresses to these large buildings of BofA and CitiMortgage - Chase - Wells and let it rip... anyone working for those companies should find employment elsewhere but that's just my opinion - and that goes DOUBLY for the crony foreclosure mills playing the tough-guy bouncer for the lenders... take the whole-damn bunch out and the world will be a better place.

Keep the Powder Dry

Posted by: Anonymous | October 18, 2010 6:01 PM | Report abuse

Here's little Trivia nugget...

Below is an actual cessPool Trust presently about 365-million dollars.. A Trust is made of several entities, essentially to keep YOURS & MINE hands out of the pie... Here is Trust & Entities...

CWALT INC Alternative Loan Trust 2007-7T2
Countrywide Home Loans = Seller
Countrywide Financial = Sponsor
CWALT INC = Depositer
Park Granada = Buyer/Seller
Park Monaco = Buyer/Seller
Park Seinna = Buyer/Seller
Countrywide Home Loans Servicing = Servicer
Bank of NY - Mellon = Trust

Except Bank of NY Mellon - the Lead Counsel & VP is Kushal Bhatka (spell?)

Per the PSA (Pooling & Servicing Agreement) Each of those entities purchases separate insurances including Mortgage Ins - that pay 100% of the unpaid balance for each loan - triggered by default & foreclosure...

Theoretically, a million dollar mortgage NOTE could then pay Kushal Bhadka approx 42-million dollars for THAT ONE LOAN. Sound crazy - well what he were a nice guy and only purchased 3-4 policies so he only collected 10-15 million.

The Point is this what these lenders figured out was how rig the system. If the loans failed they MADE 10-TIMES the amount and did it within 2-4 yrs instead of 30.

Kushal Bhadka (spelling ?) is senior partner of Balboa Insurance Group - which is one of the larges in India...

That is why the FED had to Bailout the Insurance companies... These lying theiving lenders DUPED these borrowers into signing loans they had no idea would explode from 700-2500 dollars - have been PAID multiple times for these loans - yet still want to toss these families to the street?

Oh and the houses that are torn up - don't worry these lenders also have special hazard insurance to cover that too. Guess how owns the remodeling companies that do the fixing up..? Yep - you're now catching on... are ya Pissed Yet...? You should be because our Gov and riding along with these lying theives...

Keep the Powder Dry...

If the Washington Post wants to run a REAL story - that's what they should be busting open...

Posted by: Anonymous | October 18, 2010 6:28 PM | Report abuse

Like other banks, BOA has fabricated documents to try and correct the many uncorrectable defects of title the banks have created by using the MERS system and ignoring the public records system without documenting their many unusual transactions. This is a disaster on many levels. The only potential upside to this horrible mess is that some of us are probably going to own our homes free and clear sooner than we thought -- as the banks have completely destroyed the integrity of the chain of title for real estate in this country. Those facing foreclosure should find a competent attorney who is knowledgeable about this new area of secured (or unsecured) transactions, as the MERS system has only been heavily used since about 1998.

Posted by: Anonymous | October 18, 2010 6:32 PM | Report abuse

The greed salivating from the mouths of republican rich as they cry to resume taking the property of the working class and any others they deem less human and worthy of living in their country is absolutely pitiful to witness. Like any other communist society, there are the haves and the you can not haves and the republican you can not haves are lying their way right back into control because the population is so gullible they will believe that spend and pay the bill democrats are worse than spend and run up the deficit republicans. Must be that "new" math the Nixon Agnew crowd was pushing before Nixon cut a deal and ran as Agnew went to federal prison for his crimes. The Bushes escaped with their booty and avoided their part in the 9/11 mess but Palin and the Witch are still riding the broom of ignorance into 2012. It sure is fun to watch, especially from a distance!!!!

Posted by: Anonymous | October 18, 2010 6:32 PM | Report abuse

Why am I not surprised by this announcement? Hopefully the 50 AG's will deal more appropriately with these thieves than our federal govt has under Obama. I don't want to hear how Republicans don't care about voters Democrats handling of this issue is shameful at best and criminal at worst. It's politics as usual in Washington now. Gawd is it 2012 yet?

Posted by: Desertdiva1 | October 18, 2010 6:40 PM | Report abuse

Top attorneys for MOzillo & Countywide - said BIGGER FISH were Mostly to BLAME!! -- Yet, those like JP-Morgan-Chase are being Ignored!!- "WHY"? -- CROOKS IN GOVERNMENT!!

Posted by: jward52 | October 18, 2010 6:55 PM | Report abuse

Gee BOA, I thought that you were delaying foreclosures so that each loan could be carefully reviewed for problems and corrected before your massive deception rendered many more people homeless. So you're telling us that -- in these last several days -- your already overworked lawyers have now already reviewed and corrected all of these millions of loans and you have resolved all of the defects in title problems? Yeah, right. I have a BOA loan with many, many title defects and your lawyers have not contacted me in these last several days. Sounds like you just realized that your stock is going to continue nosediving (as it should) until you rectify your mess. You guys have created one hell of a disaster that a firm of lawyers the size of China could not straighten out in their lifetimes. How you sleep at night I will never know.

Posted by: Anonymous | October 18, 2010 7:09 PM | Report abuse

Of the 102,000 homes affected, probably half the owners are long gone, and the other half are so far behind in their payments they couldn't catch up if they wanted to and looking for a tax funded hand out.

It's time to get these homes off the books and and back onto the market where they can be sold to people who can afford to keep up with the payments.

Americans can't take any more of this. The housing market has to self correct naturally so we can move on.

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Posted by: 1561705755 | October 18, 2010 8:21 PM | Report abuse

@magellan1: You can get off your knees and stop sucking up to the banks.

There's a phrase you should learn. It goes like this: "The Rule of Law."

I really hate to break this to you, but guess what--banks gotta play by the rules, just like the rest of us. Banks are not above the law.

Get it?

@Anonymous real estate broker: You ask "What exactly do you want Obama, or anyone in government to do?"

How about following the law? Is that too much to ask?

Let me ask you this: If a buyer submits fraudulent documentation in obtaining a loan on one of your deals, would you let them walk? If not, why let the banks walk?

Posted by: Garak | October 18, 2010 8:40 PM | Report abuse

Bank of America Sucks.

Wells Fargo Sucks.

Citi Sucks.

The Axis of Suckiness.

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Posted by: Anonymous | October 18, 2010 9:08 PM | Report abuse

So when is somebody going to jail? I haven't read a single word about any actual criminal charges being filed..is this legal:
http://www.huffingtonpost.com/2010/10/18/foreclosure-mill-employee_n_767174.html

Posted by: Anonymous | October 18, 2010 9:13 PM | Report abuse

BOA needs to straighten out the chain of documents that record ownership of the mortgages and to pay the state and local government agencies the fees they owe for proper recording. Anything else involves fraud, and BOA executives deserve jail time and huge fines (at least equal to their recent bonuses) for doing things illegally.

Posted by: Anonymous | October 18, 2010 10:20 PM | Report abuse

Jeez, why do we even HAVE law enforcement???? The ONLY laws they enforce are traffic violations, weed smoking and DUI...NO OTHER LAWS IN THIS COUNTRY ARE EVER BROKEN????

Get rid of all law enforcement, their only job is to fill the privatized prisons to enrich their wealthy republican owners....

Posted by: Anonymous | October 18, 2010 10:42 PM | Report abuse

Apparently being bribed with gifts and payments to commit fraud is no longer a crime. We need to all become LARGE criminals, it pays VERY well and there's no risk whatsoever

Posted by: Anonymous | October 18, 2010 10:44 PM | Report abuse

This is some bull! Chase are crooks...

Posted by: Anonymous | October 18, 2010 11:34 PM | Report abuse

I don't agree that the primary motive behind the sloppy and illegal transfers was to save money; it was to get these fraudulent loans off their hands as soon as possible. They were toxic -- they contained terms that were simply impossible for the borrower to fulfill.

The lenders, packagers, slicers and dicers all had a strong motive to work at warp speed because the mortgages themselves were worthless and they knew it.

Posted by: Anonymous | October 19, 2010 9:29 AM | Report abuse

Your right its sad. My god wake up people. If people would not have over bought, had savings accounts, and paid their bills they wouldn't be in that situation to begin with. I am sick of people blaming the banks. Its not the banks fault the homeowners did not pay and fulfill their contract. Its not the banks responsibility to read the contract to the homeowner. IF the homeowner is unsure take it to a lawyer. Its ridiculous. Now people like me who pay their bills, don't over spend, have savings set up, will likely pay out more money in taxes so people can do dumb things. Its just like I am doing the right things and I get punished. Crazy.

Posted by: Anonymous | October 19, 2010 9:43 AM | Report abuse

Here is a concept. Pay your mortgage. End of story.

Everyone attacked the banks because they made "bad" loans, and they they attack them because they won't make more bad loans, and they attack them for attempting to collect on these loans, or for foreclosing on the deadbeats that won't pay what they are contractually obligated to pay.

Personally, I'm glad to see the banks using technology to cut costs. Higher costs are ultimately passed along to the customer, so any cost savings they can get are fine with me.

Posted by: lslkahuna | October 19, 2010 9:55 AM | Report abuse

Wake up the banks have a bigger plan! This is about greed not Homeless people, jobless people or American children living in the streets. Yes, this will included the Government and it's greed also.
You better hope that you never need help! This is not America anymore, only for the rich!

Posted by: Anonymous | October 20, 2010 5:59 PM | Report abuse

Who are the investors? Create an online account on any of the numerous websites and BECOME an investor. It's cheap and easy.

As far as the "Bad Loans" go, I had an ARM explained to me when I had considered purchasing a home. As soon as I was told how the loan would "mature" I shook the ladies hand and walked the hell out. You make the bed you sleep in.

Posted by: Anonymous | October 23, 2010 8:57 PM | Report abuse

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