Bank of America Halting Foreclosures Nationwide
Bank of America has become the first national mortgage lender to announce it's halting foreclosures. . . nationwide. Previously, the bank - along with several other national lenders - had stopped foreclosures in 23 states. Bank of America says the moratorium will last until the bank completes a full assessment of its foreclosure process. The Charlotte bank has been under pressure to stop foreclosure so investigators can look into the practice of "robo-signing". That's when employees sign document after document, without taking the time to read them. Several members of Congress have called for a nationwide moratorium on home foreclosures so authorities can investigate the industry. A Bank of America spokesman says the company is confident the basis for past foreclosures is accurate. North Carolina Attorney General Roy Cooper - who'd given the bank until today to stop foreclosures in the state - says the bank is doing the "right thing".