On October 1, Bank of America along with J.P. Morgan and Ally Financial announced a moratorium on foreclosures in 23 states in order to review whether correct procedures were being applied, particularly regarding court documents, given allegations that crucial documents were being mishandled. In addition, Connecticut, as well as other states, has halted foreclosures for all banks. Other companies are expected to halt additional foreclosures given the prevalence of the problem.
Maureen Friar, NHC President and CEO, gave her insight in a piece that ran on a local DC FOX news station on Monday, October 4.