Bank of America to Restart Foreclosures in 23 States

After suspending foreclosures nationwide, Bank of America said it has restarted the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending on Monday.

The bank anticipates that by Monday, Oct. 25, the first foreclosure affidavits will be resubmitted to the courts. Upon judgment, foreclosure dates will be set and Bank of America will resume foreclosure sales in such proceedings in the 23 judicial states.

“We anticipate over the course of this pause, less than 30,000 foreclosure sales will have been delayed. As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate.”

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The bank said it will continue to delay foreclosure sales in the remaining 27 states until its review is complete on a state by state basis.

In other BofA news, the bank announced it lost $7.3 billion in the third quarter, or $0.77 per diluted share, after a $10.3 billion “goodwill impairment charge” as required under the Dodd-Frank Act.  Read more about earnings at HousingWire here.

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  • The earnings report looks awful. Yes, it is the result of a one-time adjustment to goodwill but it is still awful.

    This statement does not reflect the lawsuit announced today by 1) investors owning MBS securities containing Countrywide mortgages AND 2) the Fed. When will the impact of the bad acquisition decisions of Ken Lewis go away? Many may still admire him but his reputation will be and deserves to be tarnished with time. Will his face become a face only Angelo Mozilo, John Thain, and his mother could love? Only time will tell.

    Is more bad news, much more bad news coming? Many believe that the losses pent up in shadow inventory now in default and foreclosure could stagger the financial community, particularly B of A. The Fed QE action could be little more than a small ripple in the middle of the Indian Ocean.

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