Major Lenders Concede Errors in Foreclosure Paperwork

As reported in numerous news outlets, see, e.g., ABC News report on October 5, 2010, major lenders, including JPMorgan Chase, Ally Financial’s GMAC Mortgage unit and Bank of America, have admitted that paperwork supporting an unknown number of foreclosures contain errors ranging from wrong dates to forged or inconsistent signatures. Deposition testimony has revealed that in many cases mortgage company employees signed foreclosure documents without first verifying the information in them.   As a result, the banks have suspended tens of thousands of pending foreclosures. Bank of America, for example, has suspended all its foreclosures in 23 states.

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