JP MORGAN CHASE HALTS FORECLOSURES
Various sources have reported that JP Morgan Chase has temporarily halted foreclosures because of potentially flawed paperwork. One issue that has arisen is reports that the people responsible for reviewing the loan documents failed to do so, such that they were actually unable to truthfully verify that the loans were in default and the amount of the default. Chase’s stay on foreclosures follows GMAC’s halting of certain foreclosures and evictions in 23 states last week based on procedural problems in its paperwork.
According to reports, the stoppages are just temporary and will not significantly affect the overall number of foreclosures.