DEFAULT SERVICING EXECUTIVE
BANK OF AMERICA HOME LOANS
HOUSE FINANCIAL SERVICES
HOUSING AND COMMUNITY OPPORTUNITY SUBCOMMITTEE
NOVEMBER 18, 2010
When industry concerns arose with the foreclosure affidavit process, we took the step to stop foreclosure sales nationwide and launch a voluntary review of our foreclosure procedures. Thus far, we have confirmed the basis for our foreclosure decisions has been accurate. At the same time, however, we have not found a perfect process. There are areas where we clearly must improve, and we are committed to making needed changes.
We’ve also used this opportunity to further evaluate our modification program and identify additional enhancements we can make. We have done this based on feedback from you, our customers, community groups, investors, and from our regulators. We also are committed to a constructive dialogue with State Attorneys General, who have taken a leadership role on these issues.
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