Is Bank of America Resuming Foreclosures Too Soon?
After halting home foreclosures in all 50 states earlier this month, Bank of America announced Monday it will resume foreclosures in 23 states. The country’s largest bank is proceeding despite an ongoing scandal about the faulty ways in which banks have been documenting and processing foreclosures. Bank of America’s move will likely prompt other major lenders to resume foreclosures as well. The concern among many is that banks are fast-tracking foreclosures on some two million struggling homeowners without the proper documentation. With the narrative being vulnerable homeowners vs. colossal lenders, should the Obama administration take a side? • Here’s the Problem We’re Dealing With, explains Barry Ritholtz at The Big Picture: We do not want to create unjust enrichment for either wrongdoers or other bad outcomes. We have two bad actors here: The homeowner who is in default, and the banks/securitizes who failed to do the document creation and title management correctly. Most judges do n
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