Bank of America Making Changes In Foreclosure - Spokane, North Idaho News & Weather KHQ.com

Bank of America Making Changes In Foreclosure

WASHINGTON (AP) - Bank of America says it is making changes in its foreclosure process after an extensive review found areas needing improvement.

The bank is one of several big mortgage lenders that recently suspended foreclosures temporarily because of concern over flawed documents. Bank of America found in its review that its foreclosure decisions weren't based on inaccurate documents but did see ways the paperwork could be improved, a bank executive says in testimony prepared for a hearing Tuesday by the Senate Banking Committee.

Among the changes, the legal documents used in the process will each be reviewed by the signer and promptly notarized, said Barbara Desoer, president of the bank's home loans division.
      
      (Copyright 2010 by The Associated Press.  All Rights Reserved.)

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