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.
This is just the type of news that every Realtor wants to hear.
- JPMorgan Chase to Delay Some Foreclosures to Review Documents (dailyfinance.com)
- You: JPMorgan Suspends Foreclosures Amid Document Review (nytimes.com)
- JPMorgan is systematically reviewing foreclosures. JPMorgan last night alerted attorneys that employees in its forec… (businessinsider.com)