Are All Those Foreclosures Legal-JPMorgan Doesn’t Think So

By Renee Porsia, Real Estate Girl

JPMorgan Chase has suspended 50,000 foreclosures due to suspicion of fraud according to a spokesperson for the bank who spoke with CNBC Wednesday. Apparently,  employees signed affidavits about loan documents without verifying the files.

This is just the latest scandal to hit the foreclosure circus. Last week, GMAC halted it’s foreclosures in 23 states because one of its employees hadn’t read roughly 10,000 foreclosure documents he approved each month. One would wonder why one employee would have 10,000 documents to review in the first place.

This will just add more fuel to an already out of control fire in the housing industry.

According to Bloomberg, halting all of these foreclosures could cripple the real estate market even more than it already is.

This is just the type of news that every Realtor wants to hear.

Renee Porsia is an expert Realtor as well as Associate Broker with RE/MAX Action Realty and published Author.

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