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Bank Of America To Stop Home Foreclosures

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ATM, Bank of America

Bank of America (credit: AP Photo/J. Scott Applewhite)

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NEW YORK (CBS 2) — Bank of America said it will stop seizing homes in all 50 states, after taking action that could negatively impact the real estate industry.

Bank of America and other financial institutions were reviewing paperwork after rushing the foreclosure process without reading or verifying information.

The move could affect nearly a million homeowners.

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