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Bank of America, GMAC Lift Foreclosure Moratorium

HeadlineOct 19, 2010

Bank of America has announced plans to lift its moratorium on home foreclosures in twenty-three states and move ahead with plans to foreclose on 100,000 more homes. The announcement came just ten days after the nation’s largest bank imposed a nationwide halt on foreclosures following revelations that employees at several lenders had approved thousands of foreclosure affidavits and other documents without proper vetting. Another major lender, GMAC Mortgage, has also said it will resume foreclosing on homes. Last week, attorneys general in all fifty states opened a joint investigation into home foreclosures. On Monday, Iowa Attorney General Tom Miller said he still has concerns despite Bank of America and GMAC’s decision to resume foreclosures. A spokesperson for Miller told the Wall Street Journal, “They’ve assured us that they are fixing this problem, but we’re not just going to take their word for it.”

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