J.P. Morgan suspending some foreclosures: reports

[Roland99]

Source: MarketWatch

J.P. Morgan Chase & Co. will suspend certain mortgage foreclosures as it reviews documents in those cases, according to media reports late Wednesday. The suspension comes with the discovery that employees signed affidavits on some loan documents without verifying the files, The Associated Press reported, citing J.P. Morgan spokesman Tom Kelly. About 56,000 foreclosures are affected by the delay, Reuters reported

Read more: http://www.marketwatch.com/story/jp-morgan-suspending-some-foreclosures-reports-2010-09-29-1650510?dist=afterbell

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It's not out of any goodness of their heart, though. Simply because some paperwork was fraudulently(?) prepared.

[louis-t]

1. They're afraid of being sued.

[tridim]

2. OK, this is about me. Anyone have any details as to how we will be informed?

Don't forget that JPM Chase is the worst bank ever to exist on Earth. They don't communicate anything, except "Give us your money, you deadbeat".

[Xipe Totec]

3. Does it have anything to do with this story?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x82429

[tridim]

4. Yep, see "featured posts" here..

http://4closurefraud.org/

[dixiegrrrrl]

5. Has to do with that one

and several others I posted this week in the economy forum.
to sum up, so far BOA, Deutsch Bank, GMAC, all found to be practicing foreclosure fraud of one kind or another.

As I said earlier...the cracks are showing in the ice.

This does NOT solve any problems, tho.
No one yet has been charged with any count of fraud, not even the courts involved have sent the evidence over to the DA of the states.

But there ARE more and more lawsuits by homeowners, by Mortgage Bond holders, by insurance conpanies.
You may have to do a bit of googling, the MSM is NOT diving into this in a big way.
Chickens do appear to be coming home to roost in some fashion.

[dixiegrrrrl]

6. Waht a "co-incidence" that GMAC. BOA, and now JP have all had exactly the same "problem".

These guys must be frantic as the lid comes off re: the extensive fraud thru out the mortgage industry.
From loan originators to insurers to ratings agencies to lenders and, don't look now, but this leads right up to
the Fed. gov't when Fannie Mae and Freddie Mac agreed to buy the junk bonds so the banks would not get stuck with the
debts.
Apparently, revealed this week, HUD is also admitting to fraud in lending standards.