Reid Welcomes Bank of America Decision, Calls On Others To Follow Suit

Statement

Nevada Senator Harry Reid today welcomed a decision by Bank of America to suspend foreclosures in all 50 states following a letter that he sent to Nevada's largest mortgage servicers. Reid's letter to the mortgage-servicing divisions of Bank of America, JP Morgan Chase, Wells Fargo and Ally called on them to suspend foreclosures until reports revealing allegedly improper actions and defective court documents were resolved.

"I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course. It is only fair to Nevada home owners to suspend foreclosures until a thorough review of foreclosure processes is completed and home owners can be assured that their documents are being analyzed properly, "said Reid. "This is good news in what has been a bad time for many Nevada families who are going through foreclosure or at risk of losing their home. I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well."

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