other lenders are likely to follow suit. state attorneys general by the way investigating this concept called robo signing where the bank employees accused of signing the foreclosure affidavits without allegedly reading them through but analysts saying that this freeze in foreclosures really just delays the inevitable. most people in default anyway and would have to leave their homes. kyra? so, quick check as we hit we haven t hit the opening bell yet? there we go. perfect timing. we are expecting a lower open. bank of china raised the interest rates for the first time since 2007. the move designed to control inflation in china and it could wind up slowing growth elsewhere and a weight on the markets today and keeping our eye on company earnings today. bank of america reported it lost $7.3 million last quarter. goldman saying that marking
scandal. here s what s happening. on his web site, the attorney displays a local news story about the case he s conducting standing by a tower of foreclosure depositions that he claims. he claims that some of the banks involved in the foreclosure dispute may have committed a crime adding banks hired unqualified workers to approve foreclosure affidavits that may have included wrong information. it s massive. it s criminal. it s wrong. and it s proven with what lawyers tend to call a mountain of evidence. and federal bank regulators announce monday that they are jointly reviewing foreclosure practices and procedures at major banks to verify they complied with state rules and did not improperly harmony homeowners. department of justice and the special inspector general of the tarp bank bailout program are also looking into the practices and stuart varney spoke earlier
it s almost sideways. the typhoon could make a second landfall in china or northern vietnam. breaking news out of california. police say former chargers linebacker junior seau drove his suv off of this cliff. this is carlsbad, california. this happened just hours after his arrest. look at his car. hours after his arrest for allegedly assaulting his live-in girlfriend. police say seau in his suv, which landed they found him in his suv which landed on this beach near carlsbad. the 41-year-old probowler was transported to a hospital in la jolla and is treated for injuries. the bank of america halt in foreclosures in all 50 states. i got a statement from the bank of america. they say we reviewed process of resubmission for foreclosure affidavits including our largest investors bank of america today began the pro sells of preparing foreclosure affidavits for
is pending. we appreciate that by monday, october 24, the foreclosure affidavits will be resubmitted to the courts upon judgment, foreclosure dates will be set by bank of america and will resume foreclosure sales in such proceedings in the 23 judicial states and continue to delay the foreclosures in the remaining 27 until the review is state on a state by state basis. there are 23 states where you do not need a courtroom or trial if the homeowners admitted they have defaulted. if they say they did not default, then there is a trial. and in the other 27 states, only a judge can order foreclosure whether the homeowner admits or not. so bank of america is doing the right thing. going to the 23 stays where you do not need a judge and processing those first. shepard: and now they report less than 30,000 foreclosure sales have been delayed so the process is moving on and it is
there is a huge industry that buys them at foreclosure and buy them and sell them for more. bank of america is acknowledging that a lot of the paperwork that they submitted to judges was flawed. and that it went back and reexamined the paperwork and had people actually read it, and sign affidavits they actually read it and so 102,000 foreclosures will proceed. it cannot happen overnight but most are uncontested so it will rule out in a couple of weeks. shepard: and from bank of america, we have reviewed our process for reimbursement of, rather, resubmission of foreclosure affidavits and in the 23 judicial states including the largest investors and bank of america, today, began the process of preparing foreclosure affidavits for submission in 102,000 actions where judgment