JPMorgan Chase is suspending more than 50,000 foreclosures as it reviews the legitimacy of legal documents in those cases, the bank said Wednesday।
Analysts don't expect the delays to reduce the number of foreclosures in the long run.
JPMorgan is the second major company to take such action this month, underscoring a growing legal problem। The issue could stall an already overloaded foreclosure process and may mean some homeowners lost their homes illegally।
JPMorgan acknowledged that its employees signed some affidavits about loan documents without personally verifying the files। These affidavits identify who holds the original mortgage note in foreclosure cases।
The company believes the information in the affidavits is accurate, and that the affidavits were prepared by "appropriate personnel," spokesman Tom Kelly said Wednesday.
The bank asked judges to not enter judgments against homeowners facing foreclosure until the review is done। It expects the process to take a few weeks।
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