JPMorgan Chase has suspended legal proceedings on 50,000 foreclosures, due to concerns about the validity of the foreclosure documents, a spokesman for the bank toldCNBC Wednesday (hat tip to Zero Hedge).
JPMorgan spokesman Tom Kelly confirmed to the AP Wednesday that "employees signed some affidavits about loan documents without personally verifying the files."
The decision is the latest signal of a potentially massive stall in the nation's foreclosure process. Last week, after GMAC Mortgage halted its foreclosures in 23 states, the Washington Postreported that one of GMAC's employees hadn't read the roughly 10,000 foreclosure documents he approved each month (and now Coloradowants to be added to that list of states). It then turned out that the "robo signer" might not have been alone.
As foreclosure continue in 2011, 2012 will be another year for more foreclosures as some predictions say. Some texas real estate license school also expect more foreclosures to come in Texas and other states in the US.
ReplyDelete