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After a 16-day review of its foreclosures, Bank of America (BAC) has pronounced itself satisfied: It found no problems at all with any of them, and it's ready to resume processing foreclosures.
On June 21, 2012, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System released a financial remediation framework Agencies release financial remediation guidance, extend deadline for requesting a free independent foreclosure review to September 30, 2012 that provided examples of errors in foreclosures covered by the regulators' consent orders ...
[3] [4] The foreclosure crisis caused significant investor fear in the U.S. [5] A 2014 study published in the American Journal of Public Health linked the foreclosure crisis to an increase in suicide rates. [6] [7] One out of every 248 households in the United States received a foreclosure notice in September 2012, according to RealtyTrac. [8] [9]
Bank of America failed to file accurate documents in bankruptcy proceedings, and Citigroup's mortgage unit failed to notify borrowers about missing documents within 30 days of a request for a ...
Bank of America (BAC) will delay foreclosures on properties in 23 states to review whether its employees signed off on foreclosure documents without reading them, making the largest U.S. bank at ...
Bank of America, N. A. v. Caulkett, 575 U.S. 790, 135 S. Ct. 1995 (2015), is a bankruptcy law case decided by the Supreme Court of the United States on June 1, 2015. In Caulkett, the Court held that 11 U.S.C. § 506(d) does not permit a Chapter 7 debtor to void a junior mortgage on the debtor's property [i] when the amount of the debt secured by the senior mortgage on that property exceeds the ...
Bank of America (BAC), for the first time, acknowledged it has uncovered some mistakes in its foreclosure files, The Wall Street Journal reported, as it starts to resubmit documents in 102,000 cases.
A $93 million loan was issued by Bank of America National Trust and Savings to 203 North LaSalle Street Partnership. The Partnership's Chicago office building was used as the principal asset in a mortgage set up to secure the loan. The Partnership filed for bankruptcy and bank began the foreclosure process on the piece of property. [1]
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