CNN reports that Bank of America is resuming foreclosures in 23 states (hat tip reader Glen S):
Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases, the company said Monday.
The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review in 27 other states.
According to a spokeswoman for the bank, no errors were found during the review, and fewer than 30,000 foreclosure sales across all 50 states will be delayed as a result of the investigation.
This is rather curious, since there is evidence of Bank of America foreclosing in the name of Bank of America (meaning Bank of America is presented as the owner of the loan) when the loan was originated by Countrywide and Countrywide provided testimony that 96% of its mortgages were securitized (meaning the owner should be a trust, not a bank). It’s an interesting anomaly that only the 4% of the mortgages that Countrywide originated are the ones that are going bad. Note also the peculiar emphasis on “fewer than 30,000” which presumably means nearly 30% are being delayed.
This does not address the underlying question we keep raising: why did the servicers and foreclosure mills rely on robo signers? We had indicated from the get go that the real issue is attempting to put the notes into the trust far too late from the standpoint of what is permitted by the pooling and servicing agreement. This problem is fundamental and remains unresolved.