BofA ‘Significantly Hindered’ Foreclosure Probe

Federal regulators are accusing Bank of America Corp. of being slow to provide documents and other information in an investigation into the banking giant’s foreclosure practices, according to a court filing.

BofA “significantly hindered” the review, said departmental auditor William Nixon in a document that was filed in a lawsuit by the State of Arizona against the bank.

“When interviews were permitted, the presence or involvement of the bank’s attorneys limited the effectiveness of those interviews,” Nixon said in the court filing.

Federal regulators and state attorneys have been investigating banks’ procedures for foreclosures after reports surfaced last year of banks using “robo-signers” to sign hundreds of unread foreclosure documents daily without proper reviews.

Full article at source: “Bank of America Hindered Foreclosure Review-Filing,” Reuters News (June 13, 2011) 

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