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Bank of America plans to resume some foreclosures, including in Florida

WASHINGTON — Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states, including Florida, next week, saying Monday it has a legal right to seize them.

Bank of America Corp., the country's largest bank, began halting foreclosures Oct. 2 amid questions of faulty paperwork.

The company on Monday said it plans to resubmit documents with new signatures in states that require a judge's approval to restart the foreclosure process.

It will continue delaying foreclosures in 27 states that do not require a judge's approval.

The entire process will result in fewer than 30,000 foreclosures being delayed, the company said.

The company's initial assessment shows that "the basis for our foreclosure decisions is accurate," said Dan Frahm, a Bank of America spokesman.

Bank of America is the only lender to halt foreclosures in all 50 states. Other companies including Ally Financial's GMAC Mortgage unit, PNC Financial Services and JPMorgan Chase have halted tens of thousands of foreclosures after similar practices became public.

The growing questions about foreclosure documents could cause thousands of homeowners to contest foreclosures that are in the works or completed. Analysts say most homeowners facing foreclosure are still likely to lose their homes.

Shares of the Charlotte, N.C., bank had been flat earlier in the day but jumped on the news. They rose 35 cents, or 2.9 percent, to close the day at $12.34.

Citigroup earns $2.15B

Citigroup reported its third straight quarter of profit Monday. The New York bank, which is still 12 percent owned by the government, earned $2.15 billion, or 7 cents per share, in the three months ending in September. That compared with a loss of $3.24 billion, or 27 cents per share, during the same period last year. Losses from bad loans fell 30 percent during the quarter to $7.66 billion, as defaults in Citi's retail partner cards, Citi-branded credit cards and real estate portfolios all fell.

Bank of America plans to resume some foreclosures, including in Florida 10/18/10 [Last modified: Tuesday, October 19, 2010 7:06am]
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