Friday, October 8, 2010

Bank of America halts foreclosures in 50 states

I guess that means the whole country since there's only 50 states in the US. I wonder if the mortgage on the White House is upside down.

A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.

The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers.

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