JP Morgan – Chase suspends foreclosures, joining GMAC

Again, phony documents, just like (US taxpayer owned) GMAC. Eventually, this is going to catch up with all the big lenders, I would think. And then what? Maybe another year or two before it’s straightened out? Such a moratorium might give time for the market to recover a bit and lift underwater homeowners closer to the surface, or, more likely, it will just prolong the inventory clearance that I think is necessary for prices to recover. Well, we’ll see.

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5 responses to “JP Morgan – Chase suspends foreclosures, joining GMAC

  1. wickets

    its such bs that one wonders if america is still america…..you know the place where if you did wrong you got your head handed to you on a plate with an invitation to try again. Bunch of sissies running around now…….you dont pay your mortgage (rent) and you honestly expect not to be evicted because some piece of paper is missing….meantime back at the ranch; check my new merc, it does 0 to 60 is 3 seconds haha got it while my fico was still smoking hahahaha

  2. shoeless

    Are there potential ramifications for already completed foreclosures, if somehow the original documentation is proved fraudulent?

    • Not for buyers of such properties, I wouldn’t think but I’m rethinking my advice that sometimes one can do without title insurance. I would guess that if a final forecloure judgment could somehow be reopend on the ground of fraud, and if the original homeowner prevailed, he’d likely get money damages from his lender, rather than the forced return of property from the new owner. But don’t forget, these claims seem to be more about proper procedure in the foreclosure process, rather than an assertion that the mortgage was current.

  3. EOS

    Not to worry folks, all this will be resolved because in Stuart Smalley’s Daily Affirmation he asked for the Treasury, the Justice Department and other regulators to collaborate on a thorough investigation into the alleged misconduct. I deserve good things. I am entitled to my share of happiness. I am attractive person. I am fun to be with. :-)

    Peg, does Al Franken get any r-e-s-p-e-c-t from Minnesotans? He doesn’t from me, but I didn’t vote him in, nor can I vote him out.

  4. Hey

    There’s been repeated reports of foreclosures of houses with no mortgages/current mortgages with other banks/short sales. The odds are that it is rare, but these fraudulent sales are happening.

    You should always get title insurance, pace CF. It’s a tiny cost and it will help immeasurably if things go south. Ask around Gwich about how good an idea it is to make small gains for a 1-5% chance of going bankrupt.