Bank Of America Puts Nationwide Freeze On Foreclosure Sales

Last week, Bank of America announced it was putting a freeze on foreclosures, foreclosure sales and evictions in 23 states. On Friday morning, the bank declared it has ordered a halt to those sales in all 50 states.

This news comes as other lenders, like JPMorgan Chase and GMAC/Ally enacted similar freezes in those 23 states and attorneys general in several states have called for moratoriums on foreclosures while they investigate allegedly misleading and potentially illegal activities.

It could also be only a coincidence that BofA’s latest action comes a day after the White House said no to a bill that would have possibly made it easier for questionable foreclosures to occur.

Said BofA in a statement to CNN:

Our ongoing assessment shows the basis for our past foreclosure decisions is accurate… We continue to serve the interests of our customers, investors and communities.

Bank of America halts all foreclosure sales [CNN]