Bank of America Corp.'s chief executive said Thursday that it will take a "few weeks" to finish reviewing documentation problems related to home foreclosures, but said there is no time line yet for lifting the bank's moratorium on foreclosures and sale of foreclosed homes.
The review is "a lot of work, [and] it will take a few weeks to get through it," said Brian Moynihan, the bank's chief executive. "We're going back to recheck that we did things fairly."
Once the review is completed, Bank of America will evaluate when to lift that moratorium, he said, speaking at the Chief Executives' Club of Boston luncheon held by Boston College.
Moynihan said he is "not concerned" these moves will destabilize the housing market.
