Chase Mortgage Freezes Foreclosure Proceedings In 23 States

JPMorgan Chase has become the latest financial services company to put a freeze on its foreclosures.

The New York Times reports that the company's Chase Mortgage unit has halted 56,000 foreclosures in 23 states, following allegations that many of the documents were improperly prepared. A company spokesperson told the Times that it will ‘systematically re-examine’ its documents to confirm they meet legal standards.

Chase Mortgage's action follows last week's announcement that the GMAC Mortgage unit of Ally Financial was also putting a freeze on foreclosures. GMAC Mortgage is being investigated by attorneys general in California, Connecticut, Iowa, Illinois and North Carolina.

SOURCE: The New York Times

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