NEW YORK (
) -- The Federal Bureau of Investigation is reportedly looking into whether there was any criminal misconduct in the foreclosure documentation problems that have recently gripped the big banks.
report late Tuesday said the FBI is in the initial stages of looking into the cause of the delays and suspensions of foreclosures which have recently occurred at
Bank of America
, the former GMAC
The news follows reports earlier Tuesday that
Bank of America to repurchase $47 billion worth of mortgage-backed securities.
cited an FBI official speaking on the condition of anonymity as the source of its report.
At issue is whether the banks who resorted to so-called "robo-signing," where employees are speeding documents along without actually reading them, acted with any criminal intent.
Bank of America announced it was resuming foreclosures in 23 states on Monday, saying it expects to begin resubmitting the first foreclosure affidavits on Oct. 25.
The bank, which
Tuesday morning, continues to delay foreclosures in the remaining 27 states as it reviews its processes.
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.