Bank of America Halts Foreclosures in 50 States

Oct 08, 2010, 15:25 ET from California Reinvestment Coalition

California Reinvestment Coalition calls on other banks to follow suit

SAN FRANCISCO, Oct. 8 /PRNewswire-USNewswire/ -- The California Reinvestment Coalition applauds Bank of America’s decision to halt foreclosure sales in all 50 states. The decision comes after reports last week of servicers—dubbed “robo-signers”—who signed thousands of foreclosure documents on a daily basis without properly reviewing the information in the documents. Last week, Bank of America, JP Morgan Chase, and GMAC decided to stop all foreclosures in the 23 states where foreclosure must be approved by a judge. The California Reinvestment Coalition urges JP Morgan Chase, GMAC, Wells Fargo, and other banks and servicers to follow Bank of America’s lead and immediately freeze all foreclosures in the country.

“Bank of America has made the right choice given the circumstances of this scandal. The primary concern for all of these banks should be to figure out where they are handling foreclosures illegally before they erroneously and unfairly take another family's home,” said Kevin Stein, Associate Director of the California Reinvestment Coalition. “Millions of families across the country have already lost their homes. What redress do they have?”

For more information, please contact Kristina Bedrossian at (415) 864-3980;

The California Reinvestment Coalition advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of more than 280 nonprofit organizations and public agencies across the State.

SOURCE California Reinvestment Coalition