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J.P. Morgan Chase to unfreeze foreclosures in a couple of weeks

By Ariana Eunjung Cha

J.P. Morgan Chase plans to resume foreclosures in a couple of weeks, a company official said Thursday.

Chief Executive Charlie Scharf said during a conference with analysts in Boston that the company's review had found some issues such as "robo signing" and that it is being very stringent in double-checking documents. However, he said the bank risks the loss of millions of dollars for each month that foreclosures are delayed, so it hopes to begin refiling soon.

J.P. Morgan froze foreclosures in 40 states affecting about 127,000 loans.

Bank of America recently began restarting some foreclosures, and Ally Financial has been unfreezing foreclosures on a case-by-case basis as individual files are cleared.

By Ariana Eunjung Cha  | November 4, 2010; 12:54 PM ET
Categories:  Housing  
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Comments

So what they are really saying is this: "We don't care home many laws we break by foreclosing on houses that we don't even own the title to. We're losing a boatload of money by not stealing your houses, so we're going to start it back up again and hope no one notices. We're all insolvent anyway - stealing your houses is the only way we can keep this FRAUD going. Thanks and have a nice day!"

THE RULE OF LAW IS DEAD IN THIS COUNTRY and the Obama Administration couldn't care less.

Posted by: Anonymous | November 4, 2010 2:03 PM | Report abuse

Folks most bankers are crooks. Shocking info on toyota runaway org reveals these so called bankers do not risk their own money. They are creating money out of thin air just like the Fed reserve. The entire financial system is a ponzi scheme. This toyotarunaway org site is warning people against signing a Promissory Note which they call a Slave Document.

Posted by: Moley2 | November 4, 2010 3:44 PM | Report abuse

I know someone who, in an effort to avoid foreclosure, applied for a mortgage modification from JP Morgan Chase. After months of phone calls to determine the status of the application, they received -- on the very same day!! -- a letter rejecting the application and a package congratulating them on their newly approved modification. Obviously, I find it hard to believe that JP Morgan Chase is being very stringent in reviewing documents.

Posted by: SouthernerInDC | November 4, 2010 4:39 PM | Report abuse

Don't confuse incompetence with conspiracy!!!

Posted by: Anonymous | November 4, 2010 6:44 PM | Report abuse

Now that the GOP has gained the House, let the foreclosure games begin!

Posted by: Anonymous | November 4, 2010 8:02 PM | Report abuse

Rejoice Americans:

The GOP is back in charge of the House.

Business not just as usual but even better.

Screw the American people and let Greedom ring.

Posted by: Anonymous | November 4, 2010 8:17 PM | Report abuse

Thats right...the banks invested no money..in fact they have gained by 3 to 4 times the money on the mortgages...free money done from 'thin air' and through the ponzi scheme. Is this not called racketeering? This was a planned deliberate con 'game'...a plan to deceive everyone..in the world. Madoff was a peach compared to this ponzi scheme and he is in prison. A Kansas Federal Court Ruling: Once a Note was securitized, it was no longer a Note and would NEVER be a Note again. It became a security. AS a security, a prospectus and notification must be sent to the HOMEOWNER.
So if the Notes were not Passed Thru to the Trust as the laws and rules required, this is fraud. Shame on the SEC.. the SEC needs to answer why this fraud was allowed by the banks to go on for years..what good is the SEC..it is obvious we don't need them..just another waste of government. I don't feel this is a personal attack on anyone or an inappropriate comment.. just ststing the facts.

Posted by: Anonymous | November 5, 2010 12:00 AM | Report abuse

There is WAY more FRAUD then just robo signing! Just about every step of CHASE/Wamu foreclosures is FRAUD, don't let them fool you. I agree with the federal court comment..."Once a Note was securitized, it was no longer a Note and would NEVER be a Note again. It became a security"! This is the worst & they deserve to FAIL & fall hard. They better think long & hard before they steal anymore homes because the number of people who have lost a home, loosing a home now, and will loose their home in the future are far greater & people are MAD....not to mention the investors. If they continue the law suits from both ends will bring them down, like a dog chasing its own tail. Government needs to step up now & do something before the American people retaliate.

Posted by: foreclosurefraud | November 5, 2010 12:40 AM | Report abuse

There is WAY more FRAUD then just robo signing! Just about every step of CHASE/Wamu foreclosures is FRAUD, don't let them fool you. I agree with the federal court comment..."Once a Note was securitized, it was no longer a Note and would NEVER be a Note again. It became a security"! This is the worst & they deserve to FAIL & fall hard. They better think long & hard before they steal anymore homes because the number of people who have lost a home, loosing a home now, and will loose their home in the future are far greater & people are MAD....not to mention the investors. If they continue the law suits from both ends will bring them down, like a dog chasing its own tail. Government needs to step up now & do something before the American people retaliate.

Posted by: foreclosurefraud | November 5, 2010 12:41 AM | Report abuse

In any corporation, failure does not start at the bottom. The same goes for changes or orders. It starts at the top. Blaming the robo-signers shows a complete cover-up of the real issues at hand. I feel they were used as scapegoats to hide the real facts. Yes, they may have signed the affidavits and without 'checking' them first. Why would a 'bottom' person who is given a bunch of fraud stamps of notaries to use in their signing, even think it was their job to check. Why? Because they were not told that, they were told to use speed on signing..same pattern used in the 'liars loans'. BUT..WHO filled out the affidavits? Who told whoever.. what to write as the information stating the 'facts' on the affidavits..and it goes up the ladder where the orders came from. This is not hard to figure out. To catch a crook you must think like a crook. When you climb a ladder you go to the top. It just backfired on the same ones who planned this ploy years back. Those affidavits stated information dealing with fraud..the stamps were fraud, signatures were fraud...orders from 'headquarters'. Name one thing that has not been fraud from the time that Note was signed at closing. They used and abused that Promissory Note and turned it into a Security..it is no longer a Note if securitized. Case closed.

Posted by: Anonymous | November 5, 2010 1:34 AM | Report abuse

"Fraud can also be alleged that the Pool Insurance paid the Investors after multiple Defaults and Foreclosures. If they were paid, why the foreclosure?
Further, fraud can be alleged that the Deed of Trust (UCC 9) is invalid for an Investment Security (UCC 8) (you can't have both). A foreclosure is improper, and should be voidable. if you win for fraud, they can collect that insurance, as well.
Indymac was foreclosing itself, but now it often forecloses through either OneWest Bank, its new owner, or through Deutsche Bank, trustee for the Asset-Backed Security."" the Deed of Trust or Mortgage can't secure an Investment Security, and the Homeowner was tricked into thinking he was a Borrower in a Loan, when he was a Seller of a Note to an Investment Trust. The Investment Trust had no right to a Deed of Trust or Mortgage to a purchased Note that was not a Loan. Chase shouldn't be able to foreclose on an asset in an Investment Security with an invalid Deed of Trust or Mortgage, fraudulently procured under the guise of a "Loan", when it wasn't a Loan, but rather the "Purchase of a Note" into an Asset-Backed Investment Security, and the "nominal Lender" was paid in full, plus a commission for something it did not fund."
Come on people...lets talk about whats under the 'robo signing'

Posted by: foreclosurefraud | November 5, 2010 7:47 AM | Report abuse

Whoa-see a whole lot of finger pointing and self pity. If you can't pay back hundreds of thousands of dollars YOU borrowed, funds that weren't YOURs to begin with, and you PROMISED to pay back, why are there so many accusations of "fraud," "conspiracy," and "the bank is stealing our homes." Accept responsibility for your broken promise, bow out gracefully, and get back to rebuilding your life. If foreclosures are stalled any longer, we WILL have a continued stagnant or shrinking economy and financially, things could get worse. Stop blaming the banks!

Posted by: Anonymous | November 5, 2010 11:46 AM | Report abuse

I live in Charlotte NC, and there were lots of jobs for people to work in the foreclosure process. I have a back ground in auditing and real estate sales and could not understand why I couldn't land a job. Now I know why, they wanted unqualified people to come in and cover-up their fraud and conspiracy with incompetence. No confusing the two for me....

Posted by: Anonymous | November 5, 2010 12:25 PM | Report abuse

Let's back up a bit here. Fraud is fraud no matter how you spit it out. It is a crime. Another..the banks never funded the loans..no money invested..took the promissory notes and mortgages and securitized approx. 85-95% of them..without following the laws and regulations..lied to the borrowers and to investors to reap the big profits that costs them nothing. If you know anything about Notes and securitizing..once it is securitized it is no longer a Note. So those who feel others need to pay their mortgage payments..just who do you send the check to? The originator no longer owns the note cause now its a security..the Note was sold/transferred to a Trust. If the Note was not pass thru to the Trust and the originator kept the original note..that is fraud by law/regulation. Some people need to learn the facts before they leap telling others what to do and to except responsibility. It also depends on which side of the fence you are standing facing conspiracy in the face. Don't blame the borrower for the economy...open your eyes and listen with your ears...easy to see/hear who is to blame.

Posted by: Anonymous | November 6, 2010 4:32 AM | Report abuse

Please the government know all the time what was going to happen and it will keep happening until the American people take back America.

Posted by: Anonymous | November 6, 2010 6:54 PM | Report abuse


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Posted by: 158168 | November 7, 2010 11:10 AM | Report abuse

Actually, the facts are simple. You borrow money, you have to pay it back. If you can't, you lose what you secured the loan with. The loans may have been securities, which means that you don't owe the lending institution, you owe the people who invested in the security. The money came from somewhere, it didn't just "materialize," and it must be paid back, at least partially.

Posted by: Anonymous | November 8, 2010 4:05 PM | Report abuse

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