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JP Morgan Expands its Foreclosure Suspension

Mortgage News > JP Morgan Expands its Foreclosure Suspension
Date: 10/13/2010    JP Morgan Expands its Foreclosure Suspension

JP Morgan increased the number of states in which they will freeze and review accounts that have gone through its foreclosure process to 41. Morgan initially opened investigations in the 23 states where court approval is mandatory in order to foreclose on a home.

After extensive examination JP Morgan reported finding instances in some of the 115,000+ cases it’s investigating in which mortgage signers failed to review files and relied on the work of others.  Morgan investigators also discovered  affidavits filed along with foreclosures were botched and failed to be properly notarized.

"We are going file by file, case by case," assures Doug Braunstein, Chief Financial Officer at JP Morgan. "If we made mistakes we fill fix them."
 

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