Bank of America Corp.'s head of home lending said outside estimates of costs stemming from foreclosure delays are "grossly distorted."
Reviews of foreclosures will delay fewer than 30,000 sales, said Barbara Desoer, the president of Bank of America's home lending and insurance unit; she did not specify which estimates she believes are imprecise. The Charlotte banking company will rework 102,000 pending foreclosures in 23 states, she said, and it stands by the accuracy of its procedures.
"We believe that our assessment shows the basis for past foreclosure decisions is accurate," Desoer said in an interview Friday. "The type of borrower in that 30,000 is somebody who hasn't made a payment in an extended period of time."