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about the documents lenders are using to repossess them. some of them may be flawed and so today the country s largest bank announced it will stop foreclosures in every state while it continues an investigation. bank of america handles more mortgages than any other lender- - more than 14 million, accounting for about 22% of the market. and 420,000 b. of a. loans are in some form of foreclosure. three other lenders have announced moratoriums on repossessing homes in 23 states while they review their paperwork. john blackstone has more. reporter: it s a symptom of the chaos in america s troubled mortgage system. i had wilshire and they sold my loan to bank of america. reporter: many distressed borrowers aren t even sure who holds their mortgage. they bought it from the original people that had our loan, i can t remember who that was. reporter: the frenzy of mortgage lending during the housing bubble has now turned into a record-keeping nightmare with major banks admit
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their homes in record numbers, there are growing questions about the documents lenders are using to repossess them. some of them may be flawed and so today the country s largest bank announced it will stop foreclosures in every state while it continues an investigation. bank of america handles more mortgages than any other lender more than 14 million, accounting for about 22% of the market. and 420,000 b.o.a. loans are in some form of foreclosure. three other lenders have announced moratoriums on repo saying homes in 23 states while they review their paperwork. john blackstone has more. reporter: it s a symptom of the chaos in america s troubled mortgage system. i had wilshire and they sold my loan to bank of america. reporter: many distressed borrowers aren t even sure who holds their mortgage. they bought it from the original people that had our loan, i can t remember who that was. reporter: the frenzy of mortgage lending during the housing bubble has now turned
Vietnam
Republic-of
New-york
United-states
Nevada
Tiananmen
Beijing
China
Sioux-city
Iowa
Minnesota
Illinois
how can there be people like that to just, you know, do stuff without even being contentious of what the consequences might be? reporter: in florida, cecilia vignoli learned the foreclosure documents on her home were signed by jeffrey steven, a g.m.a.c. processor who admitted he signed 10,000 such papers every month, swearing he d reviewed in one in detail when he had not. that s not a mixup, that s intentional fraud. reporter: attorney margery golant is trying to help vignoli save her house. vignoli s foreclosure is one of those halted as at least four big banks have suspended foreclosures in much of the country as they try to sort out the paperwork. they claim that what they re trying to do is to hold these borrowers to their agreement and yet they re breaking the law! reporter: it used to be that the paperwork tracking mortgages was easy to find, filed at a local recorder s office. more than a decade ago, big mortgage lenders set up their own alternative system
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