With CEO Brian T. Moynihan citing a need to "clear the air," Bank of America announced last week that it would halt foreclosures in every U.S. state to ensure accuracy in its documentation. Bank of America, JPMorgan Chase & Co., and Ally Financial Inc. had previously frozen foreclosures in 23 states where courts have oversight of home seizures. The concern in those institutions was that employees hadn't properly reviewed foreclosure information. Bank of America's decision to extend foreclosure freezes to all 50 states was roundly hailed by political leaders. Senate Majority Leader Harry Reid (D-Nev.) said other banks should follow the company's example, and House Oversight and Government Reform Committee Chairman Edolphus Towns (D-N.Y.) said that Bank of America "did the right thing." However, Bank of America did take a hit in the market for the decision: The company's stock price fell 1 percent on the New York Stock Exchange the day of the announcement. Source: Bloomberg, Michael J. Moore, Lorraine Woellert, and Dakin Campbell (10/08/2010)
About Me
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Gerard Scheffler- Default and Distressed Property Sales Expert (773) 909-3346
www.chicagolandhomegallery.com - Park Ridge, Illinois, United States
- Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.
