B of A defends foreclosures
But a bank loan chief acknowledges problems with the process.
By Dan Freed, TheStreet
Bank of America (BAC)'s home loan chief said the bank hasn't improperly taken over any homes despite its sloppy paperwork, according to a Bloomberg report Tuesday.
The report cited prepared testimony by Barbara Desoer, Bank of America's top home loan executive, to be delivered before the Senate Banking Committee today. David Lowman, who oversees the home loan business at JPMorgan Chase (JPM), is also scheduled to give testimony.
"Thus far we have confirmed the basis for our foreclosure decisions (has) been accurate," Desoer said, according to the report, though she acknowledged the bank has "not found a perfect process," adding "quite simply, it did not live up to our standards."
Both JPMorgan and Bank of America temporarily ceased foreclosing on homes as they acknowledged errors in their procedures. Among the problems that came to light were "robo-signers" -- midlevel bank managers who initially claimed to have personally reviewed far more foreclosure cases than would appear to be humanly possible in the amount of time they had available.
Despite concerns raised about other big home lenders Citigroup (C) and Wells Fargo (WFC), those banks publicly defended their foreclosure practices and resisted calls by state officials across the country to halt foreclosures.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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