In spite of all the evidence to the contrary, Bank of America has never really confessed to making errors on home foreclosures… until today.
As BofA gets back to reviewing foreclosures in 23 states, it now admits that maybe it could have done a better job.
From the Wall Street Journal:
The Charlotte, N.C., lender discovered errors in 10 to 25 out of the first several hundred foreclosure cases it examined starting last Monday. The problems included improper paperwork, lack of signatures and missing files, said people familiar with the results. In certain cases, information about the property and payment history didn’t match.
Some of the defects seem relatively minor, according to the bank, and bank officials said they haven’t uncovered any evidence of wrongful foreclosures. There was an address missing one of five digits, misspellings of borrowers’ names, a transposition of a first and last name and a missing signature on one document “underlying” an affidavit, a bank spokesman said.
That’s 10-25 mistakes in less than 1% of the foreclosures in those 23 states. Thus, BofA could be talking about hundreds of f-ed up foreclosures as they continue to go through their files, and possibly thousands when you add in the foreclosures from the 27 other states.
BofA stated that “our initial assessment findings show the basis for our foreclosure decisions is accurate” in its decision to lift the foreclosure freeze. But according to the Journal, that statement was made after the bank had only reviewed less than 1,000 of it foreclosure files.
A rep for the bank tells Reuters: “We are not claiming perfection, nor can we. We are committed to getting our process right and giving our customers confidence they are being treated fairly.”