JP Morgan Chase Company Admits to Defective Documents in Foreclosure Proceedings
Source: Rebel Traders
This is now going viral, as it should.
Today JP Morgan Chase Company (JPM) admitted that some employees signed foreclosure affidavits without ever reading them. JP Morgan states they may delay further foreclosure proceedings while they review the fraud situation.
This comes on top of the recent disclosure that GMAC Financial, oh sorry, now called Ally Financial had in-fact submitted documents to courts that were never read, signed, or even notarized in some foreclosure cases.
The worst part of this entire situation is that, in my opinion, these mistakes are intentional as the true authority to foreclose on a property in many cases in unknown. As mortgages were securitized, packaged, and traded like playing cards at the height of the housing market bubble there is now a real crisis of mortgage servicers not knowing who ‘really’ holds the property deed in numerous instances.
The housing bubble created a gigantic mess for the banks, now they are attempting to ‘slip through‘ the system incomplete or fraudulent documents in the hope that the courts won’t notice since they are over burdened with foreclosure cases already.
Now add this to the mix:
(as reported by Karl Denninger of the Market-Ticker)
In an absolutely stunning display that has apparently become endemic in our “foreclosure” process we now see what the banks are willing to do in order to get what they want – counterfeit court process!
That’s right – when the banks cannot manage to produce documents that show you were properly served (because you weren’t) or when they can’t produce a note they actually destroyed on purpose, they simply counterfeit something and present that to the court instead.
JP Morgan Chase Company Admits to Defective Documents in Foreclosure Proceedings is a post from: Rebel Traders – Stock Market and Economic Analysis
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