B of A and GMAC to Resume Foreclosures

RealtorMag.com

Bank of America Corp. announced Tuesday that it has reopened more than 100,000 foreclosure actions in 23 states, saying its investigation found no significant problems. Likewise, GMAC Mortgage said it would reopen an undisclosed number of foreclosure files.

“This is an important first step in debunking speculation that the mortgage market is severely flawed,” said Bank of America spokesman James Mahoney.

Meanwhile, state attorneys in general continue to push for a halt to foreclosure sales, saying they have little confidence that procedures have been fixed.

Source: The Wall Street Journal, Jessica Silver-Greenberg, Robbie Whelan, and Dan Fitzpatrick (10/19/2010)

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