NEW YORK (
Bank of America
's home loan chief said the bank hasn't improperly taken over any homes despite its sloppy paperwork, according to a
The report cited prepared testimony by Barbara Desoer, Bank of America's top home loan executive, to be delivered before the Senate Banking Committee Tuesday. David Lowman, who oversees the home loan business at
is also scheduled to give testimony.
"Thus far we have confirmed the basis for our foreclosure decisions have been accurate," Desoer said in her testimony, according to the report, though she acknowledged the bank "
has not found a perfect process," adding "quite simply, it did not live up to our standards."
Both JPMorgan and Bank of America temporarily ceased foreclosing on homes as they acknowledges errors in their procedures. Among the problems that came to light were "robosigners"--mid-level bank managers who initially claimed to have personally reviewed far more foreclosure cases than would appear to be humanly possible in the amount of time they had available.
Despite concerns raised about other big home lenders
, those banks publicly defended their foreclosure practices and resisted calls by state officials across the country to halt foreclosures.
Written by Dan Freed in New York
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