Industry NewsMortgage

BofA halts foreclosure sales in all 50 states

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Bank of America said it's extended its review of foreclosure documents to all 50 states, and will stop all foreclosure sales until the review is completed.The ongoing assessment, previously confined to 23 states where courts have jurisdiction over foreclosures, "shows the basis for foreclosure decisions is accurate," Bank of America said in a statement.According to its most recent quarterly report to investors, Bank of America sold $453 million in foreclosed properties during the second quarter, leaving it with an inventory of properties valued at $1.74 billion.Bank of America had previously identified the 23 states where it was delaying foreclosures as Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.Meanwhile, PNC Financial Services Group Inc. says it's halting most foreclosures and ev...