The bank says it has altered its foreclosure practices, while sharply increasing the number of modifications to distressed homeowners, reaching 80,000 in the fourth quarter.
Federal banking regulators slapped the company and several other big banks with a consent order requiring it to review its foreclosure practices, although fines have not been issued.
The Bank of America spokesman added that it had hired external auditors to review its foreclosure processes, which led it to enhance its practices.
One-third of folks in Brentwood are at least three months behind on their mortgage payments, too, so it seems likely that its foreclosure problem will get worse.
As a hedge fund manager, Mnuchin purchased a troubled mortgage bank, sped up its foreclosure rate and sold it for a killing several years later.
The moves came as one of the nation's major lenders, Ally Financial Inc., said it would expand the review of its foreclosure practices nationally to include states such as California where courts do not hold jurisdiction over the process.
Still, Wells Fargo's announcement was the second time a bank had backtracked on statements it had made about the extent of its foreclosure problems.
On Friday, Wells Fargo, another big lender that has not halted foreclosures, continued to maintain that its foreclosure processes were accurate and said it was not planning to initiate a nationwide moratorium.
He said he had not heard that the bank had lifted its foreclosure suspension but nonetheless did not think it could sort out the problems so quickly.
After several weeks of insisting its foreclosure processes were sound, Wells Fargo & Company said on Wednesday that it planned to correct and resubmit up to 55,000 improperly filed documents by mid-November.
Countrywide then withdrew its foreclosure papers.
