Bank of America to resume foreclosures

WASHINGTON - The pace of U.S. home foreclosures may not slow much after all.

Bank of America said Monday it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.

Other major lenders have yet to say whether they will follow suit and resume foreclosures in the 23 states that require a judge's approval.

But analysts said they expect the move by the nation's biggest bank will mean other lenders will proceed with a wave of foreclosures that have depressed the housing market.

Banking analyst Nancy Bush of NAB Research said other lenders likely are to follow because foreclosure practices are similar from bank to bank.

"We'll be back to square one by the end of the year," she said.

Bank of America Corp. said it's confident of its foreclosure decisions. The bank still is delaying foreclosures in the 27 states that

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