J.P. Morgan Chase To Unfreeze Foreclosures In A Couple Of Weeks

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.

via Political Economy – J.P. Morgan Chase to unfreeze foreclosures in a couple of weeks.

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