Claims of Illegal Foreclosures Causes Investigation and Freeze
October 1st, 2010 - 11:51 pm ICT by Angela Kaye MasonOct 1 (THAINDIAN NEWS) In an announcement which was made on Wednesday, JP Morgan stated that they are freezing around 56,000 foreclosures after discovering mistakes in the way the documents were filed.
Homeowners everywhere are making claims that the foreclosures are illegal, and their lamenting has reached the ears of top Washington officials, who are ordering an investigation of the lending companies. They want all of the improprieties which were done in the handling of these foreclosures to be in the investigation.
The Washington Post reported that “paperwork problems range from potentially forged documents to bank employees who never read borrowers’ files before signing off on an eviction.”
Top federal bank regulator John Walsh said to the lawmakers that some of the lenders “clearly had deficiencies” in the way they carried out foreclosures.
JP Morgan promises to act accordingly. “While we don’t expect our review to find that consumers were harmed, we will take appropriate action if we find any impact,” said a spokesperson for JP Morgan, Tom Kelly.
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- Citigroup to suspend foreclosures till 17th January 2010 - Dec 18, 2009
- Wells Fargo used robo-signers for foreclosures - Oct 16, 2010
- Bank of America delays foreclosure in 23 states - Oct 03, 2010
- In Excess Of 40 pct. Of American Homemakers Leave the Mortgage Aid Program - Jul 21, 2010
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- ICICI Bank hikes lending, deposit rates - Dec 04, 2010
- 40% people leave Barack Obama's mortgage aid program - Jul 21, 2010
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- PNB, Allahabad Bank hike lending, deposit rates - Jul 29, 2011
- Union Bank of India hikes base rate by 50 basis points - Aug 06, 2011
Tags: bank regulator, borrowers, consumers, deficiencies, ears, foreclosures, improprieties, john walsh, jp morgan, lawmakers, lenders, paperwork problems, spokesperson, tom kelly, washington officials, washington post