Friday, October 01, 2010

And yet another lender places a moratorium on foreclosures

It was just last week that we saw GMAC Mortgage place a moratorium on foreclosures, presumably to ensure that documentation that is filed is in proper order.  Now, JP Morgan Chase announces that it too is placing a moratorium on some foreclosures for similar reasons.  The moratorium by Chase affects 56,000 in 23 states.

Full article from the Washington Post

Note:  Late today (Friday) the AP reports that Bank of America has joined the moratorium on foreclosures.  No reports at this time of how long the moratorium will last.

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