B of A Finds Foreclosure Document Errors

Bank of America Corp. for the first time acknowledged finding some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases, the Wall Sreet Journal reported today. The Charlotte, N.C.-based lender discovered errors in 10 to 25 out of the first several hundred foreclosure cases it examined starting last Monday. The problems included improper paperwork, lack of signatures and missing files, and in certain cases, information about the property and payment history that did not match. Some of the defects seem relatively minor, according to the bank, and bank officials said that they have not uncovered any evidence of wrongful foreclosures. However, the bank uncovered these mistakes while preparing less than 1 percent of the first foreclosure files that it intends to resubmit to the courts in 23 states. As the nation's largest mortgage lender, the bank is under regulatory pressure to show that its mortgage process is not flawed amid revelations that many banks used "robo-signers" to approve large numbers of foreclosure documents without reading them closely.

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