Bank of America Overwhelmed by Big Numbers

by Liz Colville

Bank of America acknowledged this weekend that it has found errors in the documents of some 102,000 foreclosure cases it’s reviewing and re-submitting for judicial review in 23 states following news that it used “robo-signers” to approve foreclosure documents. (Robo-signers!)

The bank recently said it had found no errors in the documents during an internal review, but it turned out they had only reviewed about 1,000 of them. The errors found during the current review include “improper paperwork” and “lack of signatures and missing files,” as well as less offensive but equally troubling mistakes like “an address missing one of five digits, misspellings of borrowers’ names, a transposition of a first and last name and a missing signature on one document ‘underlying’ an affidavit.” And guess what? The errors were found in about the first 1,000 of the files looked at, which sounds like really bad news for the other 101,000.