JP Morgan Chase halts foreclosures 9/29

[grasswire]

http://www.oregonlive.com/business/index.ssf/2010/09/jp_morgan_chase_halts_foreclos.html


NEW YORK — JPMorgan Chase has temporarily stopped foreclosing on more than 50,000 homes so it can review documents that might contain errors. JPMorgan's move Wednesday makes it the second major company to take such action this month, underscoring a growing legal problem. The issue could stall an already overloaded foreclosure process. Still, analysts don't expect the delays to reduce the number of foreclosures over the long run.

snip...........

GMAC Mortgage LLC last week halted certain evictions and sales of foreclosed homes in 23 states to review those cases. The company said it found procedural errors in some foreclosure affidavits.

After GMAC's announcement, attorneys general in California and Connecticut told the company to stop foreclosures in their states until it proves it's complying with state law. The Ohio attorney general this week asked judges to review GMAC foreclosure cases. And in Florida, the state attorney general is investigating four law firms, two with ties to GMAC, for allegedly providing fraudulent documents in foreclosure cases.

Kate Medema, spokeswoman for Oregon Attorney General John Kroger, said today via e-mail: "Our Mortgage Fraud Task Force is aware of improper signing issues related to foreclosures." She did not elaborate.

[Zoeisright]

1. I HATE banksters.

Up against the wall, all of them.

[mackerel]

2. My take they'll halt them for a couple of weeks, they'll correct

a few mistakes, then they'll proceed with full speed ahead. I don't see them trying to save a home or help a family.

[grasswire]

3. I think there's some real problem.

The print edition indicated that bank employees had been signing the forms with the name of the foreclosure officials to get them through quickly. Forging the signatures.