Sunday, November 13, 2011

BofA Coughs Up $1.3B To Freddie, Fannie Over Delays In Crappy F'closure Paperwork Filings; Bleeding To Continue As Affidavit Revisions Remain Ongoing

Housing Wire reports:

  • Bank of America will spend at least the remainder of 2011 revising affidavit filings in foreclosure cases around the country.

  • In October 2010, BofA and other major servicers froze the foreclosure process nationwide when evidence of improperly signed affidavits surfaced in many state courthouses. BofA had to pay $1.3 billion in penalties to Fannie Mae and Freddie Mac in the first nine months of 2011 because of the delays, the bank disclosed in a Securities and Exchange Commission filing.

For more, see BofA pays $1.3 billion to Fannie, Freddie for foreclosure delays.

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