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