Bank of America is joining JPMorgan Chase and GMAC is suspending foreclosure processes in 23 states that weren’t reviewed properly.
A BoA exec admitted she signed up to 8,000 documents in a month and typically did not read them, according to the AP.
“I typically don’t read them because of the volume that we sign,” the executive said.
Banks had been rushing through foreclosures in an effort to reset the teetering housing market. Now it looks like many banks will have to halt.