Bloomberg | JPMorgan, GMAC Urge New Jersey Court Not to Suspend Home Foreclosures

JPMorgan, GMAC Urge New Jersey Court Not to Suspend Home Foreclosures

Bank of America Corp., JPMorgan Chase & Co. and other U.S. banks told a New Jersey court that defects in their processes for seizing homes in the state can be remedied without halting foreclosures.

The banks have taken steps to improve their procedures, making a suspension unnecessary, they said in documents filed yesterday in state court in Trenton, New Jersey, and made public today. The filings came in response to a proposal to freeze foreclosures in the state by six U.S. banks while their procedures are reviewed.

The banks’ practices came under scrutiny after bank employees signed court documents in foreclosure cases without reviewing their accuracy, according to court papers.

“Bank of America fully appreciates the court’s concerns and looks forward to working with the court to address them,” the Charlotte, North Carolina-based company said. “The court should not take the steps outlined in the order because they are unnecessary and will cause a wholesale delay in administering foreclosure cases that is not in the public interest.”

You can check out the rest here…

Links to documents filed…


9 Responses to “Bloomberg | JPMorgan, GMAC Urge New Jersey Court Not to Suspend Home Foreclosures”
  1. Henry says:

    I watched “Prophets of Doom” on the History Channel the other night. Very scary stuff, but I was very happy to see that one of the six “experts” was a former hedge fund manager and economist who, while talking about the coming world financial catastrophe, mentioned the need for a return to the “rule of law” for the banks and other financial institutions. He talked about how the entire world financial system was a gigantic ponzi scheme and several times mentioned the bank fraud and foreclosure crisis.

    While there seem to be many potential catastrophes heading our way, like water and oil shortages, nuclear terrorism and techno-terrors in our future, there seemed to be concensus that the financial crisis caused by the greed of these institutions and individuals and the lack of any meaningful response by our government, was one crisis that can be avoided…but only if the apathy of the American people can somehow be stopped. I, for one, did not get interested in this crisis until my house was gone…until the day of the auction, I did not truly believe the bank would take my house.

    I really wonder how many millions more Americans must lose their jobs and be thrown into the streets before the American people wake up and take action.

  2. foreclosurefight says:

    Interesting stuff!!!

    Didn’t Citi Residential Lending fold up in 2009??? How the hell can they respond to a lawsuit???

  3. Nye Lavalle says:

    You have to read these procedures outlined by these cons. TOO FUNNY!!!! It’s a roadmap to discovery and

    Our “servicing audits” are now going to become front and center. Remember what I said over a decade ago by my research. There are three things servicers, lenders, and banks can’t do. #1 They can’t COUNT (meaning the figures are 95% always wrong, when audited); #2 They can’t ACCOUNT (meaning they can’t show proper and lawful chain, possession ownership of note etc…) and #3, When caught with hand in cookie jar (cooking books), they will lie, fabricate evidence, forge, perjure themselves and call the cookie jar a gummy bear jar.

    LOL Garbage IN, Garbage Out. Robo-signing based on whoever input the data into the system? What if the info ‘boarded” on a “servicing transfer” included fees not assessable or miscalculations by a prior servicer? How can someone attest to the business records of a prior servicer than went bankrupt? Point is, read my Predbear report. No one can verify amounts WITHOUT AUDITING THE PAYMENTS AND CALCULATIONS and AMORTIZATION OF LOAN from FIRST PAYMENT ON…. One simple servicing “error” (fraud) and miscalculation (more fraud) renders every subsequent figure balance, etc… fraudulent. I would love to be the fist guy deposing these “garbage-truck” drivers and signers. LOL I’ll just trust what’s on the screen? LOL Are the lawyers and affiants also seeing THE ORIGINALS OF ALL NOTES, ALLONGES, INDORSEMENTS AND ASSIGNMENTS, RECORDED OR UNRECORDED? LOL WOW, I can’t believe this is the solution.


  4. M.S.M. says:

    Warrior lawyers know there is a fight but the judiciary wants to give the banks the chance to come clean. Re verification is a nice attempt to do so, but if fraud was committed why wouldn’t the case or judgment be dismissed?

  5. M.S.M. says:

    The fact that the New Jersey judiciary said that they have to show proof merely stating that they reverified totally misses the point. If the underlying documents were fraudulent isn’t there then a question of standing and dismissal. Merely creating a new document doesn’t remove the act of committing fraud. One by one state AG’s or Special Masters will step in.

  6. kravitz says:

    Clock on the wall goes tick tick tock. We won’t stop till the music stops.

    “MBIA, an insurance company whose very existence is imperiled because it underestimated the risks involved in mortgage lending, says the banks owe it billions because they lied about the mortgages backing securities that MBIA insured. The insurer’s financial statements show it is solvent in large part because that money will be coming in.

    The banks disagree. Their financial statements reflect no such obligation.”

    MBIA Fights Banks for Its Life

  7. J Glenn Lowe says:

    Very will said John – This is how I say it, Die Banker Die by J Glenn Lowe – A Tribute to Wall Street Banksters and Fraudgate

    • John says:

      Man can you play that thing! Way to go! So true song. My family was all clapping!
      I play, but not like you.

      It is so disheartning to see what is happening to America.

      This is not what I saw and heard men talking about before many of them died fighting for our freedom.

      So many gave theri lives in hopes things like business or home town banks would not destroy the individual, but work for them to help them build America that was dreamed of and really thought could be.

      It hurts even more to see Americans joining the enemy and helping them destroy the American dream that so many in graves all over the world gave their lives and hopes of a happy future and family for.

      WE all, chicken shit Amnericans owe them an apology that can never be expressed enough!

      God bless them and we all need our asses kicked!

  8. John says:

    What else do we expect then to say?

    Are we stupid? Do we think they are going to give up this treasure ?

    Notice it says uncontested foreclosures. yes, many have walked away from their houses and bought the foreclosed on one down the street that is just like yours for half the money.

    Fight if you want to keep yours.

    I still don’t understand where the men come from that would set a fellow americans possessions out on the street to help a foreighn country or Investor. I’m an old US Marine and no amount of money would cause or tempt me to do that to any fellow American!!!

    To Hell with them all, lets take care of individual Americans and screw the banks and foreighners!!!

    One gerneration is killing all we can see and get in our sights and the grandchildren of ours is being screwed by them and American lawyers educated on the benefits we fought for helping.

    To hell with the law in home foreclosure cases, THEY DISREGARD IT, WHY CANT WE?

    They keep it quiet that this affects ALL mortgages and not just those in foreclosure. None of us have clear tilte anymore whether you pay on time or not. Lets let everyone know their mortgages and loans are screwd up and they cannot get title Ins. without the paragraph that clears the tilte Insurer from all claims.

    It should be criminal for a title Insurer to issue a policy with that disclaimer in it. In fact, you are paying $7-800.00 for an insurance policy that doesn’t cover squat!!

    Wake up Americas lawyers, your grandfather s are wartching and writhing in their graves! Don’t dishonor them!!!!!!!

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