Bank of America says it will extend its review of foreclosure documents to all 50 states. The company previously stated it would review affidavits and other documents in 23 judicial foreclosure states.
‘We will stop foreclosure sales until our assessment has been satisfactorily completed,’ says Dan Frahm, a spokesperson for Bank of America. ‘Our ongoing assessment shows the basis for our past foreclosure decisions is accurate.’
The bank's decision to stop sales nationwide comes among many calls from consumer groups, state attorneys general and policy-makers for banks to institute a nationwide moratorium on foreclosures.