BofA CEO says foreclosure probe settlement neededSubmitted by bobbyw24 on Tue, 11/16/2010 - 10:40
(Reuters) - Bank of America Corp (BAC.N) Chief Executive Brian Moynihan said on Tuesday a quick settlement of the 50-state attorneys general probe of the foreclosure crisis is the best solution for all involved.
"It is in everyone's best interest to get this settled and behind us," said Moynihan, speaking at the Bank of America Merrill Lynch Financial Services conference in New York.
Moynihan said the industry and lawmakers need to look at streamlining foreclosures. He said the current system is a "difficult process" for homeowners to navigate.
The largest U.S. mortgage lenders, including Bank of America, have been at the center of a public and political firestorm in recent weeks, as critics allege banks cut corners by using shoddy, improperly reviewed paperwork in foreclosures.