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)