- 16Nov
(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.
In October, Bank of America instituted a nationwide halt on home repossessions as it reviewed its internal processes. JPMorgan Chase & Co (JPM.N) and Ally Financial Inc's GMAC Home Mortgage each instituted 23-state foreclosure moratoriums, pending similar reviews.
Moynihan's comments were just hours ahead of a U.S. Senate Banking Committee hearing on the subject.
Later on Tuesday, Bank of America's home mortgage chief is expected to join Iowa's attorneys general as part of the Congressional hearing on foreclosure issues.
