And the plot thickens... Bank of America, the largest servicer of mortgage loans, has announced it will halt foreclosure sales in all 50 states. While news flashes on trading terminals indicate BoA enacted a moratorium on all foreclosure proceedings, the official statement below tells us they are simply not selling their current REO until they review administrative processes and confirm compliance is being kept. If they clarify, I will update. Just released on BoA's website: “Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors...(read more)

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