Bank of America to resume foreclosures - Dec. 10, 2010: "We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country,' said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans, in a statement. 'The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market.'
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Foreclosure Fiasco
Bank of America to resume foreclosures
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The bank said it plans to proceed with 16,000 foreclosures this month, though it will observe a 'holiday suspension' of sales and evictions from Dec. 20 to Jan. 2. Freddie Mac (FMCC) and Fannie Mae (FNMA) have announced a similar holiday freeze."
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