JPMorgan Chase expanding foreclosure review

By Charles Riley, staff reporter


NEW YORK (CNNMoney.com) -- JPMorgan Chase is expanding its review of foreclosure documents, according to a person close to the bank.

In September, Chase announced a review of 56,000 foreclosure cases in 23 states that require a judge to sign off on a foreclosure. The recent move expands the inspection to states that do not require judicial approval.

Under the latest expansion, the foreclosure process will continue while documents are being examined, expected to take a few weeks.

In the initial review, Chase (JPM, Fortune 500) requested that the courts not enter judgments until completion of the audit. Without a judgment from a court, those homes cannot be sold.

The initial review was announced after the lender discovered that its employees may have signed affidavits on the basis of reviews done by other personnel.

In those 56,000 cases, JPMorgan Chase has asked its local foreclosure attorneys to communicate to courts, affected homeowners and their lawyers. The notification process is underway, a company spokesman said.

Banks have come under increasing pressure from lawmakers in recent weeks to review foreclosures or to expand existing reviews.

On Friday, Bank of America (BAC, Fortune 500) announced it was halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process. The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.

Ally Financial, previously known as GMAC, the finance arm of General Motors, has said it is temporarily suspending evictions and post-foreclosure closings in states that require judicial review while it conducts a review of documents. To top of page


Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.48%4.53%
15 yr fixed3.92%3.95%
5/1 ARM4.34%4.41%
30 yr refi4.49%4.51%
15 yr refi3.90%3.93%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in: New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
Index Last Change % Change
Dow 24,684.90 -201.91 -0.81%
Nasdaq 7,384.11 -41.84 -0.56%
S&P 500 2,714.72 -18.57 -0.68%
Treasuries 2.97 -0.04 -1.23%
Data as of 10:44am ET
Company Price Change % Change
General Electric Co 14.44 0.26 1.87%
Micron Technology In... 60.23 0.26 0.43%
Bank of America Corp... 29.97 -0.47 -1.56%
Advanced Micro Devic... 13.09 -0.01 -0.08%
Hewlett Packard Ente... 15.32 -0.26 -1.64%
Data as of 10:29am ET

Sections

Samsonite shares nosedived 10% in Hong Kong on Thursday after the world's top luggage company was accused of questionable accounting practices. More

WIth prices starting at $35,000 and rising quickly from there to over $80,000, the Tesla Model 3 is far from a mass market car. More