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JPMorgan Chase freezes foreclosures

September 30, 2010 10:00AM

JPMorgan Chase, the third-largest home loan servicer in the United
States, has frozen 56,000 open foreclosure cases as it examines whether
defective documents may have been filed in court. The move, which has
little precedent, comes after news that Ally Financial, a global financial services company, had frozen part
of its operations after it was revealed that an employee approved
affidavits claiming personal knowledge of foreclosure cases when he did
not know anything about them. JPMorgan is carrying $1.35 trillion in
mortgage nationwide. “As a result, we have 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,” said Tom Kelly, a JPMorgan spokesperson. [Palm
Beach Post]