Are we any closer to resolving the foreclosure fiasco? Regarding Bank of America (NYSE: BAC)--which accounts for perhaps one in four residential mortgages--a lot of questions still linger.
"There is a lot that Bank of America has not disclosed: It hasn't explained what changes it made. It has been vague about how many foreclosure files it has actually checked, how many and what sorts of mistakes it has found, and how long it might take to complete the process," reports Fortune. "It hasn't even addressed whether foreclosures thus far have been valid under the law."
Some are still convinced that the bank has cut a lot of corners. With the 50 state attorneys general still probing the issue, federal prosecutors increasingly concerned, and analysts all over the map in terms of put-back loss estimates, the banks understandably wants to gain a better understanding of its risk.
Bank of America has appointed Paul Morrison, the firm's general corporate auditor for the last decade, to oversee risk at its home-loan unit amid foreclosure probes and mounting demands to buy back mortgages, according to Bloomberg. It will be interesting to see what he turns up.
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