WASHINGTON – The pace of U.S. home foreclosures may not slow much after all.
Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.
Other major lenders have yet to say whether they will follow suit and resume foreclosures in the 23 states that require a judge's approval. But analysts said they expect the move by the nation's biggest bank will mean other lenders will proceed with a wave of foreclosures that have depressed the housing market.
Banking analyst Nancy Bush of NAB Research said other lenders are likely to follow because foreclosure practices were similar from bank to bank.
"We'll be back to square one by the end of the year," she said.
Tuesday, October 19, 2010
After a meticulously long investigation, and after Dick Corp. stocks took an invigorating dip in the crapper, we here at Dick Central have decided that we have a legal right to blog, irregardless of content or author. We've also decided that the whole "integrity" issue is "overblown." So, NYAH, NYAH, NYAH to any naysayers out there.