JPMorgan Chase suspending 56,000 foreclosures
JPMorgan Chase Co. said on Wednesday that it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents, The New York Times reported.
The bank, which lends through its Chase Mortgage unit, has begun to “systematically re-examine” its filings to verify that they meet legal standards, spokesman Tom Kelly told the Times.
This comes a week after GMAC Mortgage said it was suspending an undisclosed number of foreclosures to take a look at its own procedures.
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