I was beginning to think we had a problem there for awhile. Foreclosure-gate? MERS? Robo-signing?
Hey, what, me worry? That’s so yesterday. No problem is so large that we can’t just ignore it until it ceases to exist. Let’s call them the too-large-to-focus-on problems. Bank of America has decided to resume foreclosures after a temporary halt.
NEW YORK (CNNMoney.com) — Bank of America said Friday it was ending its hiatus on foreclosure sales, and promised to get its act together after a series of sloppy home seizures prompted the bank to back off and re-examine its process.
“We have identified areas of our process that can be improved and while we make these improvements, it’s important that we move ahead with efforts to reduce the number of abandoned properties across the country,” said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans, in a statement. “The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market.”
The bank said it plans to proceed with 16,000 foreclosures this month, though it will observe a “holiday suspension” of sales and evictions from Dec. 20 to Jan. 2. Freddie Mac (FMCC) and Fannie Mae (FNMA) have announced a similar holiday freeze.
The Bank of America action ends the “voluntary freeze” that the bank initiated in October, after a series of messy real estate mistakes. …
“We continue to be committed to ensuring that no property is taken to foreclosure sale until our Bank of America customer is given an opportunity to be evaluated for a modification or, if ineligible for a modification, a short sale or deed in lieu solution,” said Desoer. “Foreclosure is the option of last resort.”http://money.cnn.com/.element/ssi/video/4.0/players/story.player.html?p=0&d=82930396
Last month, Desoer said the bank “deeply regrets” the way it handled some of its foreclosures.
I suspect that one process they are reviewing is how to get Congress to retroactively legalize the MERS bank. That way the foreclosure procedures won’t look “sloppy” any more, but simply “legal”. And, by the way, they are just cleaning up the neighborhoods. They would like to reduce the number of unsightly, abandoned houses which drive down values for the whole place by, well, by foreclosing on people and having a few more empty houses on the street, but their hearts are really in it this time. 16,000 foreclosure actions planned for the coming month. (Do they mean January, after the “holiday break”? Or is from now until Dec 20 considered a month? Or maybe they mean the next four weeks, but excluding the break? Who cares? Any way they measure the four weeks, they are talking about dumping a lot of people out into the street during the coldest fucking part of the year.)
But they “deeply regret” the “series of messy real estate mistakes”; it is implied that the mistakes are no longer being made or have been corrected, although how that occurred without any investigations into MERS being finalized – or, hell, even really started, for that matter – is left to speculation.