Foreclosures Halted By Bank Of America

Bank of America has called a halt to foreclosures in all 50 states, while anger grows at how lenders have prepared documents to support evictions. Senate Majority Leader Harry Reid (Nevada) has sent a letter to all major banks asking them to suspend foreclosures in Nevada, extending his concern to include all 50 states. The long-term impact this will have on those in default and not paying, as well as those who continue to faithfully pay their mortgages, is uncertain. The impact on the nation’s overall financial system is also a matter of concern. (Source: Washington Post, Reuters)