Bank of America (NYSE:BAC) Starting Foreclosure Process Again

After criticism for mishandling the seizure of some homes, Bank of America (NYSE:BAC) said they're ready to resume sales of foreclosures.

Barbara Desoer, president of Bank of America Home Loans, said, "We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country. The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market."

"We continue to be committed to ensuring that no property is taken to foreclosure sale until our Bank of America customer is given an opportunity to be evaluated for a modification or, if ineligible for a modification, a short sale or deed in lieu solution," added Desoer.

Bank of America was trading at $12.63, down 0.02, or 0.16 percent, as of 12:08 PM EST.