Bank Of America Starts Counting Foreclosure Mistakes, And Finds 10-25 Errors In First Pile They Look At

Monday, October 25, 2010
By Paul Martin

Joe Weisenthal
BusinessInsider.com
Oct. 25, 2010

It’s not clear that these are going to result in any actual reversals — as in, foreclosures that were carried out that shouldn’t have been — but not surprisingly, Bank of America is already finding errors in its mortgage paperwork.

According to WSJ, the embattled bank found 10-25 errors (we’re a little disturbed that they can’t just give a hard number on this) in the first few hundred foreclosures they reviewed.

This is key because it’s the first time the bank is acknowledging actual errors — previously the bank said that it knew of known, and that its own foreclosure freeze was purely precautionary to make sure it had all its ducks in a row.

Again though: whether these errors are major or minor is not clear. It does indicate the problem can’t be waved off immediately, however.

The Rest…HERE

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