Articles today in Bloomberg (9/27 Woellert, Campbell ) and USA Today (9/27 Armour) report disturbing practices by major home mortgage lenders in processing foreclosures. Litigation against JP Morgan Chase & Co., and Ally Financial Incorported’s GMAC Mortgage has uncovered managers who signed off on thousands of mortgage foreclosures without reviewing the documents – despite representations to the courts handling the foreclosures that those documents had been reviewed by the managers before being signed. One manager for GMAC Mortgage admitted to signing off on 10,000 documents per month, while a manager at JP Morgan Chase testified a group of eight managers signed off on over 18,000 foreclosures per month – and only reviewed them if an employee asked a specific question or raised a concern.
The shoddy practices of these lending giants call into question many thousands of foreclosures, evictions, sales and titles. Attorneys general across the country are beginning investigations into the practices of GMAC Mortgage, which had halted foreclosure proceedings in 23 states after their employees’ practices were brought to light. Lawsuits brought by homeowners who were wrongfully foreclosed upon by these lenders are pending in several states.
If you have questions about a foreclosure proceeding, please go to our “about us” page and contact The Law Offices of Brian Turner, LLC.