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  • October 2010
    M T W T F S S
    « Sep   Nov »
  • Mary K. Lenahan, J.D., Realtor

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California and other States Suspend Foreclosures by JPMorgan Chase

Finally – A Pro-Consumer Response to the Banks’ Bad Faith and Violations of Legal Due Process & Foreclosure Laws.

California and a number of other states have suspended JPMorgan Chase and Ally Financial (formerly GMAC) from foreclosing for failing to follow foreclosure laws.   The length of the suspension is unclear.   It appears that CA Attorney General Jerry Brown suspended foreclosures, “unless it can prove they comply with state law”.  http://www.foxbusiness.com/markets/2010/10/01/brown-jp-morgan-needs-foreclosures-complying-law/
http://tinyurl.com/23z2trx; http://ag.ca.gov/newsalerts/release.php?id=1996

The furor and concern is over what can be referred as robo-signing of affidavits supporting foreclosures by bank representatives who have no knowledge of the content of the thousands of affidavits they sign on a monthly basis.

On or around 10-1-10, BofA suspended foreclosures in 23 states.   It appears this  “voluntary” self policing act by Bank of America was motivated in order to avoid suspension by the Attorney General’s Office.

BofA’s “voluntary” temporary suspension may have been precipitated by an alleged statement made in a bankruptcy proceeding by a BofA representative that she signs 7,000 to 8,000 foreclosure documents a month and “typically” does not read them “because of the volume.”  http://news.yahoo.com/s/nm/20101002/ts_nm/us_foreclosures

626.226.6056 Mary.Lenahan.Dilbeck.com DRE 01867737


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