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Bank of America joins J.P. Morgan Chase, Ally in halting foreclosures in 23 states

Bank of America, the nation's largest bank, has joined J.P. Morgan Chase and Ally Financial in putting foreclosures on hold to review whether the foreclosure documents submitted to courts were properly prepared.

"To be certain affidavits have followed the correct procedures, Bank of America will delay the process in order to amend all affidavits in foreclosure cases that have not yet gone to judgment in the 23 states where courts have jurisdiction over foreclosures," spokesman Dan Frahm said in a statement.

A Bank of America official said in a February deposition in Massachusetts that she signed as many as 8,000 foreclosure documents a month without reviewing them. The deposition is similar to those given by document processors at J.P. Morgan Chase and Ally Financial.

By Ariana Eunjung Cha  | October 1, 2010; 5:41 PM ET
Categories:  Housing  
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Next: Economic agenda: Monday, Oct. 4, 2010

Comments

How come I can't find anywhere a list of which 23 states Chase, BofA and Ally are talking about!?

Posted by: CADude2 | October 1, 2010 6:20 PM | Report abuse

penis

Posted by: Anonymous | October 2, 2010 1:27 AM | Report abuse

These are the 23 states under review:
Connecticut Delaware
Florida Hawaii
Illinois Indiana
Iowa Kansas
Kentucky Louisiana
Maine Nebraska
New Jersey New Mexico
New York North Dakota
Ohio Oklahoma
Pennsylvania South Carolina
South Dakota Vermont
Wisconsin

Posted by: Anonymous | October 2, 2010 3:17 AM | Report abuse

through my fraud investigations I've learned that the "GAPS" are where they (criminals) run false info. That is why Arizona, cailifornia, Nevada, Michigan, and Texas are not on the list!! Rember Lehman Brothers??

Posted by: b14truth | October 2, 2010 8:44 AM | Report abuse

Bank of America should halt foreclosures in all states. They are slowing down the process only in those states that require a documents review. Don't think for a second that they are somehow miraculously accurate in the other states.

Posted by: itstessie | October 2, 2010 4:56 PM | Report abuse

"About two million households in the country are in foreclosure, and millions more are on the verge."

Can someone explain to me why the criminals, excuse me, the "bankers" that caused this mess are not in jail?

What exactly is my elected representative doing to right what a few greedy people did to ruin millions of people.

I used to be on track to retire at 60. Now I don't even think about retiring...EVER.

Posted by: Anonymous | October 2, 2010 11:12 PM | Report abuse

I do not see any hope that this will NOT be a double dip recession.

What exactly is going to happen to the housing market when those MILLIONS, yes MILLIONS, of homes in default are dumped onto the market?

The banks that are responsible should have their executives locked up.

Posted by: Anonymous | October 2, 2010 11:15 PM | Report abuse

The banks did not force anybody to do anything. If they did anything illegal then it should be dealt with in the courts but it does not excuse people from having to face consequences for buying a house they knew they couldn't afford. When this mess is over people will still be in default and will lose their homes. Paperwork errors are only a delay that lawyers found to keep their clients living in their homes another year rent-free. While this setback provides relief for a few it angers the majority of people who still pay their mortgage dilligently and are disgusted by the fact that this economy will not recover until the housing mess is solved.

Posted by: Anonymous | October 4, 2010 11:46 AM | Report abuse

To the people who keep referring to foreclosures as "those people who bought houses they couldn't afford" WAKE UP! I worked 20 years and bought a modest condo well within my affordability. I lost my job due to economy...and used my savings and 401-K for ONE YEAR to keep up on payments - GOT IT???? I kept paying for ONE YEAR. They dangled the lies of loan mods etc...and NO ONE sold a home in my area for 8 months+ and at a loss afterwards. This is NOT about deadbeat homeowners it is about BANK FRAUD and they are profiting fourfold: 1) 28% ROI in 5.5 years on my mortgage; 2) PMI payout (they get all the money back via insurance I paid for); 3) Orig asset back (I get nothing!!!!!); 4) resell Orig asset/condo for profit in future; 5) bailout funds they took fraudulently...
What about me???? My savings and 401-K are GONE! They received bailouts to lend for new homeowners and loan mods - BANKS breached that contract - and Banks get 4-fold profits while homeowners thrown on streets to live on Welfare (no jobs, savings gone!!!!)

Posted by: Anonymous | October 5, 2010 11:23 AM | Report abuse

Why is losing your job your banks fault? Stop blaming other people for your misfortunes and take responsibility for your actions. Dope.

Posted by: Anonymous | October 5, 2010 1:15 PM | Report abuse

it is fraud. chase has taken all my retirement as i too lost my job after 30 yrs. i could have afforded my home if i were working. chase offered a wonderful hardship plan and told us not to pay for three months. during that time they would make up a reduces plan for me. instead they made me deliquent and harrassed the heck out of us. they continued to say that they did not get paper work for over a year. we kep sending it.. but they did not get it (right) a year later and late fines to boot they said we were denied cause we did not make enough to pay the lower amount. what nonsence. we could make the lower amount, we could not make the higher one. is that not what this was for? if they tell you not to pay for three months DONT DO IT! keep paying. they even started sending our checks back because "our account was on hold for being late the three months." they would not let us pay bringing our amounts even further behind. Rediculous? yep and i think illegal might be an issue to. I hope everyone sues the suckers.

Posted by: Anonymous | October 6, 2010 10:52 AM | Report abuse

oh... bye the way. the person that is stating our misfortunes are being blamed on others is the dope! it is not our misfortunes we are speaking of. it was our right to ask for help from the bank and was significantly mislead and lied to. that is the issue. dope!

Posted by: Anonymous | October 6, 2010 10:56 AM | Report abuse

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