Business
BofA Halts Foreclosures Across US
Bank of America (BofA) said that it would halt foreclosures across the US amid mounting pressure from lawmakers for an industry-wide investigation into the practices of leading lenders.
According to The Financial Times, JPMorgan Chase and GMAC have also suspended foreclosures in some states, after it came to light that employees rubber stamped thousands of documents without checking their accuracy or having them notarised as required by law.
In a sign the controversy is mushrooming, BofA said on Friday it would expand its moratorium from the originally announced 23 states to all 50.
Politicians have jumped on the issue even though they approved legislation that some observers believe gives mortgage services a “trap door” to continue using shoddy paperwork. The White House blocked the legislation on Thursday.
Chris Dodd, Senate banking committee chairman, said he would hold hearings on the foreclosures debacle after November’s congressional elections.
“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” said Mr Dodd. “I am deeply troubled by recent revelations and allegations of practices by some of the nation’s largest lenders. Regulators at the federal, state, and local levels have a responsibility to uphold the law and protect consumers from unfair foreclosure, and lenders have a duty to not cut corners around the law.”
Edolphus Towns, the chairman of the House oversight committee, called on every large bank to suspend foreclosures. “Bank of America did the right thing today and I expect to see every other responsible banking institution follow their lead,” he said.
Banks have downplayed the problem by saying it is a mere technicality, adding that they are only foreclosing on homeowners who are months behind on their mortgage payments. BofA reiterated that position on Friday, saying: “Our ongoing assessment shows the basis for foreclosure decisions is accurate.”
The Attorneys General of at least six states have also opened investigations into the large mortgage lenders.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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