So now, back to Wall Street's continuing quest to loot America. BoA has become the latest pack of scumbags to realize that they didn't do a good enough job of forging documents to evict people from their homes and that they'll have to backtrack a bit:
Bank of America said Friday it is halting all foreclosure sales and foreclosure proceedings nationwide while it reviews the documents being used to justify homeowner evictions.
It is the first bank to put a moratorium on foreclosures in all 50 states. Previously, Bank of America, JPMorgan Chase and others were only pausing foreclosures in states where a court has to participate in foreclosure proceedings.
To review how we got to this point, click here. It basically boils down this: After the securitization process the banks had no idea what mortgages were and were not on their books. So they started making stuff up to compensate. This is theft, pure and simple.
Megan McArdle predictably comes leaping to the poor banks' defense, saying they may have made a few oopsies but are overall swell people:
The story on the foreclosure mess has become a bit overblown in some tellings. It's clear that banks have been taking some shortcuts in preparing their foreclosure documents. The banks are obviously overwhelmed with the volume of foreclosures, and the (apparently) many instances in which sloppy securitization has resulted in lost paper trails, obscuring who, exactly has a right to foreclose. Rather than seeking legislative or judicial clarification, they've resorted to dubious practices that seem (to my non-legally-trained eye) illegal.