Moody’s to review JPMorgan Chase servicer rating after foreclosure suspension

Moody’s Investors Service placed the servicer rating of JPMorgan Chase (JPM: 38.41 -1.39%) and its subsidiary Chase Home Finance up for review following the announcement of a foreclosure suspension linked to more affidavit problems.

When Ally Financial, formerly GMAC Mortgage admitted employees signed foreclosure affidavits in 23 states without knowledge of the documents or a notary present, a process known as “robo-signing,” Moody’s placed the Ally servicer rating and affected residential mortgage-backed securities on review, too.

“We’ve been in communication with the all the servicers subsequent of the GMAC news last week,” Thomas Lemmon, a spokesman for Moody’s, told HousingWire.

Moody’s rates servicers on a scale of SQ1 as the strongest, to SQ5 as weakest. Currently, the JPMorgan Bank primary servicer rating is at SQ1…

But it is going downhill from there…

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