Bank of America starts thaw in foreclosure freeze

   Remember the foreclosure moratorium that was mentioned last week? Remember how some people thought it was seriously going to be considered by the banks? Well, there won't be a moratorium and BAC is already restarting their foreclosure machine after halting it in 23 states. From an AP article published today:

"Bank of America said Monday that 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 are likely to follow because foreclosure practices were similar from bank to bank."

   On the back of that news,  bank shares rebounded today. Am I buying the banks now? Nah, not yet. If I'm late to the banking party, so be it but as mentioned last week, I buy on strength. If the banks are going up, they're going up by a lot more than what they've shown in the past year and there's always time to take a bite out of the impending move once it's in motion.