Posts Tagged ‘Chase’

Fast Foreclosures

September 30, 2010

Fast Foreclosures

J.P. Morgan Chase acknowledged that employees signed off on thousands of foreclosure documents without really reading them. This was in response to a sworn statement by a Chase employee that her team signed off on 18,000 foreclosures a month without proper document review. The firm just froze the foreclosure of 56,000 homes until their documents are re-examined. 

Chase is not alone. An Ally Financial document processor admitted signing off on 10,000 foreclosures a month without reading the paperwork. “That’s barely a minute per case,” notes the Washington Post‘s Brady Dennis, “assuming he works a normal eight-hour day.”

Instead of oversight, banks have “robo-signers.” Still believe that financial institutions can regulate themselves?

 Update: “Robo-Signing: Documents Show Citi and Wells Also Committed Foreclosure Fraud,” Abigail Field, AOL Daily Finance.


Image (“American Dream, after Grant Wood”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht,

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