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Tag Archives: JPMorgan Chase

New York Courts First to Institute New Foreclosure Filing Requirement

The New York state court system has instituted a new filing requirement that officials say will prevent wrongful foreclosures and protect the integrity of the process. Lenders' counsel are now required to file an affirmation certifying that they have reviewed and verified the accuracy of foreclosure documents. The new mandate is in response to recent disclosures by major mortgage lenders of potential deficiencies in notarization and so-called ""robosigning"" of supporting paperwork.

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JPMorgan Posts $4.4B Profit, Expands Foreclosure Review to 41 States

JPMorgan Chase kicked off the third-quarter earnings season Wednesday, and the company says profits are up 23 percent from a year ago. JPMorgan brought in $4.4 billion in net income during the quarter, beating analysts' expectations. During a conference call with investors, CEO Jamie Dimon announced that the company has expanded its foreclosure review to 41 states and 115,000 loan files. He also said the bank will stop using the Mortgage Electronic Registration System (MERS).

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Administration Officials Reject Idea of National Foreclosure Moratorium

Evidence of major servicers mishandling foreclosure paperwork has cast a cloud of doubt over the entire industry and servicing procedures across the board. Consumer advocacy groups and a number of state attorneys general have demanded a nationwide moratorium on foreclosures. But two senior White House officials have indicated that the Obama administration will not support an all-out foreclosure freeze. So far, five companies have announced voluntary foreclosure suspensions because of potential deficiencies in the legal paperwork.

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Goldman Sachs’ Mortgage Servicing Arm Suspends Foreclosures

Litton Loan Servicing LP, the Houston-based mortgage servicing unit of Goldman Sachs has joined the ranks of mortgage firms issuing a voluntarily foreclosure moratorium. The company has declined to release details of which states the suspension encompasses or how many loans it might affect.

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PNC Financial Halts Foreclosures to Review Servicing Procedures

PNC Financial Services Group is the fourth large lender to suspend foreclosures within the past three weeks because of potential deficiencies in the legal paperwork. The bank has reportedly notified its industry partners that it is holding up sales of foreclosed homes in judicial states for 30 days while the company reviews its internal servicing procedures.

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Bank of America Halts Foreclosures Nationwide

Bank of America is expanding its foreclosure freeze from the 23 judicial states to include all 50 states. Consumer advocacy groups, state attorneys general, and federal lawmakers are all calling for GMAC Mortgage and JPMorgan Chase to also extend their foreclosure moratoriums nationwide. PNC Financial has reportedly become the fourth major lender to institute a foreclosure suspension in the judicial states. An announcement is expected to come as early as Tuesday of a joint investigation by attorney general offices in as many as 40 states.

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JPMorgan to Hire Hundreds in Michigan and Ohio

JPMorgan announced it will hire as many as 175 full-time employees in its Cleveland, Michigan mortgage operation center and as many as 125 in its Columbus, Ohio center by year-end, thanks to a successful summer in its mortgage sector. The company reported a net income of nearly $5 billion for the second quarter of 2010, which was up from both Q1 2010 and Q2 2009.

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Ohio Attorney General Files Fraud Suit Against GMAC Mortgage

The foreclosure paperwork gaffe at GMAC Mortgage has garnered heavy attention from the highest legal counsels in states across the country, and at least one attorney general is pressing charges. In a lawsuit filed Wednesday against GMAC Mortgage and Ally Financial, Ohio Attorney General Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits in an attempt to mislead Ohio's courts. He is seeking a preliminary foreclosure injunction, $25,000 for every violation, and consumer restitution.

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Lawmakers Call for Federal Foreclosure Investigation

House Speaker Nancy Pelosi and fellow members of the California Democratic Congressional Delegation are petitioning federal regulators and the U.S. Department of Justice to launch a formal investigation into servicers' foreclosure practices. The request was prompted by the recent reports of systemic mishandling of foreclosure affidavits by three major mortgage servicers. Delegation members say they have received thousands of complaints from their constituents, which ""appear to outline a clear pattern of misconduct on the part of lenders and servicers.""

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Old Republic Will No Longer Insure JPMorgan and GMAC REOs

Questions about the legality of foreclosure proceedings have prompted Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage. Chase and GMAC both halted foreclosure sales in 23 states and are reviewing legal filings that they say may have been signed without a notary's presence or without verifying the supporting documents.

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