Bank of America, Nation's Largest, Halts Foreclosures in 50 States, Indefinitely...What's the Impact on Local REO Sales?

Families facing foreclosure now have a reprieve...but what will happen to current REO purchases?

As this blog noted the other day,  three major banks halted foreclosures due to fraudulent procedures, and others were ordered to examine procedures.

Now the nation's largest bank has put the kibosh on foreclosures.  BofA services 14 million mortgages, and 14% or nearly 2 million of these are in