Archive for September 29th, 2010

Breaking News – JP Morgan Chase halting foreclosures

Hot off the presses …

JP Morgan Chase is halting foreclosures, essentially for the same reasons as GMAC. 

That makes two of the biggest mortgage companies in the country who have openly admitted the affidavits that cause foreclosure judgments to be entered have not been done correctly.  In the words of the Chase spokesman:

“It has come to our attention that in some cases employees in our mortgage foreclosure operations may have signed affidavits about loan documents on the basis of file reviews done by other personnel — without the signer personally having reviewed those loan files,” said Tom Kelly, a Chase spokesman. “As a result, we have begun to systematically re-examine documents we have filed in current foreclosure proceedings to verify that the affidavits and other documents meet the standard of personal knowledge or review where that is required.”

The obvious question, of course, is:

When banks are admitting their evidence is faulty, how can judges keep entering summary judgments of foreclosure?

Posted in Main | 1 Comment »