Bank of America is halting Foreclosure Proceedings

Bank of America is Halting Foreclosure Proceedings

Bank of America is halting foreclosure proceedings in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.

•·                                 "Bank of America has extended our review of foreclosure documents to all fifty states," spokesman Dan Frahm said in an e-mailed statement. "We will stop foreclosure sales until our assessment has been satisfactorily completed."

"Our ongoing assessment shows the basis for our past foreclosure decisions is accurate," Frahm added. "We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus."

Last week, the nation's largest bank announced that it was freezing home foreclosures in 23 states.

The announcement came two days after JP Morgan Chase said it will also halt foreclosures for about 56,000 homeowners after learning that its employees may have approved foreclosures without personally reviewing loan files.

Ally Financial, previously known as GMAC, the finance arm of General Motors, has also paused foreclosures in the 23 states. 

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