B of A tries to regain foreclosure footing

The bank has resubmitted the paperwork for 102,000 pending foreclosure actions, and plans to resume sales in November. The reviews have been completed in the 23 states where court approval is required; foreclosure filings in the other 27, including California, are still being looked at. So far, the bank says that no cases have been found where a foreclosure should not have gone through. In other words, no harm, no foul. Its earnings are due out tomorrow, when the subject is certain to come up. Meanwhile, Citigroup CFO John Gerspach said the bank also has found no issues with the way its loan-servicing business processes foreclosures. Unlike the other big banks, Citi has not halted the foreclosure process. You can see where this thing is headed: Banks want to assure everybody that screwing up on paperwork is not the same thing as screwing up on their decision to kick people out of their homes. Stories are here and here.