Only a few banks are servicing the majority of the mortgages in foreclosure. Big banks are foreclosing on the most homes may not directly own the bulk of the mortgages,” Banks service them for other entities, which means collecting payments from homeowners and foreclosing on those properties when they become delinquent. 24/7 Wall St. explains.
24/7 Wall St. determined the banks foreclosing on the most home loans by reviewing RealtyTrac data from February of this year. The company identified the following banks as foreclosing on the most homes:
1. Bank of America (which includes Countrywide’s portfolio from its acquisition)
Loans in foreclosure: 96,319
Percentage of loans underwater: 61
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