BofA Joins Parade Of Lenders Hitting Brakes On F'closures In 23 States; Company 'Robo-Signer' Signed Up To 8,000 Docs/Month Without Reviewing Them

The Washington Post reports:

• Bank of America, the nation's largest bank, on Friday became the latest lender to put foreclosures on hold in 23 states because of concerns that court documents it submitted were improperly prepared.

• Bank of America and other mortgage companies have been under pressure to review their paperwork after employees and contractors said in sworn depositions that, because of the enormous volume, they hadn't had the time to read the documents, much less check them for accuracy.

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• A Bank of America executive, Renee Hertzler, said in a February deposition in Massachusetts that she signed as many as 8,000 foreclosure documents a month without reviewing them. The deposition is similar to others taken from document processors at J.P. Morgan Chase and Ally Financial, which have also frozen foreclosures over the past week. The statements were taken by lawyers for homeowners contesting the seizure of their homes.

For more, see Bank of America latest to put hold on foreclosures amid paperwork concerns.