Bank of America has admitted to making minor mistakes in a small percentage of their foreclosure files while in the midst of resubmitting documents referencing 102,000 cases. From examining the cases, the Bank admits that they have found errors in 10 to 25 of the first several hundred foreclosures that have already been examined.
Some of the mistakes include improper paperwork, lack of signatures, missing files, and unmatched information. The Bank claims that the only errors they have found are relatively minor and does not impose any evidence of wrongful foreclosures. The errors were discovered when the Bank was preparing to present less than 1 percent of the first foreclosure files to the courts in various states.
A joint investigation involving all 50 states has been authorized. Allegations against the Bank claim it has not reviewed documents properly and have submitted false statements in order to successfully evict delinquent borrowers. When prompted to respond, Bank of America spokesman, Dan Frahm, claims that they strive to get their process right in order to ensure clients are confident in the fact they are being treated fairly.