Last week, Bank of America announced that it was suspending foreclosure sales in all 50 states. The move comes as several state attorneys general, as well as members of Congress, are calling for a nationwide moratorium on foreclosures so that alleged irregularities in bank foreclosure documents can be examined.
Consumers Union, publisher of Consumer Reports, supports the moratorium. “The widespread reports that lenders and servicers had employees sign thousands of foreclosure papers a day shows that they failed to follow the most basic standards of honesty and decency,” said Gail Hillebrand, Director of Consumers Union’s Defend Your Dollars campaign. “Foreclosures must stop until we can be sure that these problems are completely cleaned up. We need both thorough independent audits and strong regulatory scrutiny.”
Visit DefendYourDollars.org for more information, including a list of the specific measures we believe lenders and servicers should make to clean up the foreclosure process.