Foreclosure Proceedings Come Under Fire

This information came across my email today.

I have to wonder what our industry would like right now, if our Big Government would have taken the time to examine the situation early on in the crisis instead of putting band-aids on the issues.

Could we have helped more people?

Could more people have stayed in their home?

I keep hearing economist after economist say the way out of this bad economy is to spend.  I know they know a lot more than me, yet I know that people will not spend if they don't feel secure.  And what is more securing than knowing you have a roof over your head?

So while the below notice is stating that thousands of documents were "rubber stamped"  is this just forestalling the inevitable?  

Personally,  I would have liked to see more people stay in their homes.  I would have liked to see more lenders modify current loans to make that happen.

And for Ohio homeowners who feel they have no way out, I would like to help you if I can.  Visit me at Ohio Short Sale Answers


Oct 4 - Foreclosure Proceedings Update

Foreclosure proceedings come under fire

Mortgage industry heavyweights slow pace of properties entering REO pipeline

In response to the recent “robo-signing scandal,” JP Morgan Chase and Co., put 56,000 foreclosure filings on hold last week, following similar actions by Ally Bank (formerly GMAC Mortgage) in 23 states, including Illinois, Florida, New York and Ohio.

This temporary crackdown on the part of various states attorney generals is due to allegations that tens of thousands of foreclosure documents were essentially “rubber stamped” or signed without adequate review or scrutiny. Among the state officials who have initiated investigations, IllinoisAttorney General Lisa Madigan has demanded a meeting with JPMorgan Chase to address her concerns that the company violated the state's Consumer Fraud Act.

Vowing to hold banks accountable, Madigan said in a recent statement: “With JP Morgan now acknowledging possible abuses in preparing court documents, the impact on homeowners in our state and across the country could be great.”

Despite recent findings “that in some cases employees in our mortgage foreclosure operations may have signed affidavits about loan documents on the basis of file reviews done by other personnel – without the signer personally having reviewed those loan files,” Chase spokesman Tom Kelley, contends, “We believe the accuracy of the factual loan information contained in the affidavits was not affected by whether or not the signer had personal knowledge of the precise details.” He added that Chase has “begun to systematically re-examine documents we have filed in current foreclosure proceedings to verify that the affidavits and other documents meet the standard of personal knowledge or review where that is required.”

Chase has requested that the courts hold off on entering judgments in pending matters for a few weeks until their review process is completed.










Ohio Luxury Home Expert



Women's Council of REALTORS®



Christine Pappas | Ohio Real Estate Agent

Serving the Greater Cleveland Area, Cuyahoga, Geauga & Lake Counties of Northeast Ohio




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Comment balloon 2 commentsChristine Pappas - REALTOR® • October 04 2010 09:52AM
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