Bank Of America Starts Counting Foreclosure Mistakes, And Finds 10-25 Errors In First Pile They Look At

Bank of America

Photo: AP

It’s not clear that these are going to result in any actual reversals — as in, foreclosures that were carried out that shouldn’t have been — but not surprisingly, Bank of America is already finding errors in its mortgage paperwork.According to WSJ, the embattled bank found 10-25 errors (we’re a little disturbed that they can’t just give a hard number on this) in the first few hundred foreclosures they reviewed.

This is key because it’s the first time the bank is acknowledging actual errors — previously the bank said that it knew of known, and that its own foreclosure freeze was purely precautionary to make sure it had all its ducks in a row.

Again though: whether these errors are major or minor is not clear. It does indicate the problem can’t be waved off immediately, however.

For a background on some of the bank’s other mortgage problems, see here >

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