Bank of America Outlines Radical Foreclosure Reform Measures To Congress

Bank of America on Thursday said it was committed to making significant changes in its foreclosure process and that it had completed 25,000 mortgage modifications for financially distressed homeowners in October. That's more than a 50 percent increase from the previous month.
Only 2,600 modifications were made through the federal government's Home Affordable Modification Program. The rest were made through the bank's own programs.

The figures show the speed and extent to which the bank -- the only one to halt foreclosure sales in all 50 states while it reevaluated its procedures -- is taking voluntary measures to fix its foreclosure problems.
The quick action comes as federal regulators and the 50 state attorneys general investigate the industry's practices and as Capitol Hill has increased scrutiny of foreclosures. The House Financial Services Committee is scheduled to hold the week's second hearing on the subject at 10 a.m. Thursday.

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