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Daily Real Estate News  |  October 25, 2010  |   Wells Fargo Continues Foreclosures
Bank of America announced Sunday that no homes were foreclosed in error, but it did find a few technical errors in its investigation. As a result, it has combined the signing and notarization processes into a single step. Bank spokesman Dan Frahm said the bank believed this would prevent the possibility of further error as it restarts foreclosure actions beginning Monday.

Meanwhile, Wells Fargo & Co. is staying mum about the whole process and keeping foreclosures moving along. Foreclosure attorneys say that Wells Fargo is betting that its refusal to halt foreclosures will, in the long run, discourage more home owners from fighting foreclosure.

"My belief is it may be a strategic move not to admit anything," said Richard Roth, founder of The Roth Law Firm in New York. "It's a legal strategy and it may pay off if no one refutes them."

Source: Reuters News, Elinor Comlay and Joe Rauch (10/22/2010), and The New York Times, Nelson D. Schwartz (10/25/2010)

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