Bank Of America Dives, As Foreclosure Freeze Is Worse Than Thought

Shares of red hot Bank of America have clearly cooled off lately. Last Friday’s mediocre earnings report, plus an endless slate of lawsuits, have weighed heavily on the stock.

Here’s the latest from CNBC:

We already know banks halted foreclosure sales when it was discovered that servicers took short cuts, so-called “robo-signing” in the foreclosure sale process in judicial foreclosure states -about half the country.

┬áNow it appears they may have done the same thing in the Notice of Default process which takes place in the other half – i.e. the non-judicial states.

These are some big one — California, Nevada, etc, and so this points to a longer resolution process than may have previously been expected.

Read more at CNBC >

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