JPMorgan Chase has expanded its review of foreclosure documents to all 50 states, up from the original 23 states with judicial oversight of foreclosures, according to reports at CNN-Money.com and the Wall Street Journal. Chase had no comment Monday. Chase has asked the judges in the 23 states to delay issuing judgments until it finishes the audits. None of the homes may be sold until after a court ruling.
Chase, GMAC Mortgage and Bank of America stopped foreclosure cases after judges in Florida and elsewhere started tossing out foreclosures because of disclosures that employees of mortgage servicers had signed hundred of affidavits each day without reviewing the foreclosure documents. Attorneys general in several states, including Illinois, have said they are investigating bank procedures.
(Posted today in Chicago Sun-Times)
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Tuesday, October 12, 2010
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