Industry NewsMortgage

BofA halts foreclosures in 23 states

Fannie, Freddie instruct loan servicers to review foreclosure procedures
Published on Oct 4, 2010

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by CareyBot

Bank of America has joined GMAC Mortgage and JP Morgan Chase in suspending foreclosure proceedings in 23 states where courts have jurisdiction over foreclosures, to check that it followed correct procedures in filing affidavits.

The latest development in the "robo-signing" controversy follows allegations that workers at GMAC Mortgage and JP Morgan Chase signed court affidavits that contained information they had not personally verified, opening the door to potential legal challenges.

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