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Friday, October 01, 2010

Foreclosure Mess: More on BofA Foreclosure Freeze, Wells Fargo satisfied with Procedures

by Calculated Risk on 10/01/2010 11:59:00 PM

From David Streitfeld at the NY Times: Bank of America to Freeze Foreclosure Cases

Bank of America, the country’s largest mortgage lender by assets, said on Friday that it was reviewing documents in all foreclosure cases now in court to evaluate if there were errors.

It is the third major lender in the last two weeks to freeze foreclosures in the 23 states where the process is controlled by courts.
Bank of America, in an e-mailed statement, said it would “amend all affidavits in foreclosure cases that have not yet gone to judgment.”
And from Jacob Gaffney at Housing Wire: Wells Fargo standing by accuracy of foreclosure affidavits
The second largest servicer in the United States, Wells Fargo is not planning to review foreclosure affidavits in light of the robo-signer allegations at many of its competitors.

In an email to HousingWire, Wells Fargo spokesman Jason Menke said, "Wells Fargo policies, procedures and practices satisfy us that the affidavits we sign are accurate. We audit, monitor and review our affidavits under controlled standards on a daily basis. We will stand by our affidavits and, if we find an error, we will take the appropriate corrective action."
I've corresponded with two servicers and they both believe their procedures are adequate (no "robo-signers"). However for GMAC - and apparently for JPMorgan and BofA - there is no excuse.