Starting this Saturday Bank of America will stop foreclosure proceedings, evictions and sales nationwide for one month in order to review documents that were given to the courts to see if they adhered to various state laws.
Bank of America released a statement today saying that they will stop all foreclosure sales until "our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus."
Amid mounting political pressure against big banks to examine their foreclosure-documentation problems, Bank of America is the first large financial institution to halt their foreclosures and evictions from what are being called "robot-signers" who are people who sign many documents each day without properly reviewing the documents contents before starting foreclosure proceedings.