Bank of America halts all foreclosure sales

Will this affect investors?  And how!  B of A has the greatest number of REO, properties in default and mortgage delinquencies (properties that are behind in payments... maybe years behind!).  And B of A is not alone in doing this.  Other lenders have also halted foreclosures.  Lenders can do this because they are not immediately penalized for making those bad loans. So they're going to string things out longer & longer, hope for the economy & market to turn around and save their butt.  And then look to the government if they "make a mistake" and lose tons of money because the country can't "let them fail".

Bank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.

The announcement came a week after the nation's largest bank said it was freezing home foreclosures in 23 states where foreclosures must be approved by the courts.

The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale

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Bank of America Halts All Foreclosure Sales