SOURCE: The Bedford Report

The Bedford Report

September 22, 2011 13:45 ET

Bank of America and Wells Fargo Look to Get Foreclosure Process Back on Track

The Bedford Report Provides Equity Research on Bank of America & Wells Fargo

NEW YORK, NY--(Marketwire - Sep 22, 2011) - After last year's revelations that lenders were authorizing actions without reviewing case files halted foreclosure activity for months, US banks are finally starting to address the backlog, and speed up the foreclosure process. The Bedford Report examines the outlook for companies in the Financial Sector and provides equity research on Bank of America Corporation (NYSE: BAC) and Wells Fargo & Co. (NYSE: WFC). Access to the full company reports can be found at:

US Banks are joining forces to combat the growing number of foreclosure complaints. A top US Regulator announced earlier this week that major banks plan to launch a common website and toll-free phone number in the coming weeks to handle complaints from consumers in foreclosure processing.

As the foreclosure crisis was spinning out of control, regulators ordered major banks and thrifts to overhaul their foreclosure practices, finding that 14 lenders filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers. The banks have now picked independent consultants to identify any borrowers that were harmed by foreclosure processing problems.

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RealtyTrac, which tracks attempts by lenders to seize homes when loans are not repaid, reported last week that default notices sent to delinquent US homeowners rose 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process after almost a year of delays.

The report's authors say the spike signifies that banks are starting to address a backlog after much foreclosure activity was halted late last year, when reports surfaced that lenders were automatically authorizing actions without reviewing case files.

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