JPMorgan Based Foreclosures on Faulty Documents, Lawyers Claim

[ASusilovic]

Sept. 27 (Bloomberg) -- JPMorgan Chase & Co. faces a legal challenge next month that could cast doubt on thousands of foreclosures after a mortgage executive at the bank said she didn’t verify documents used to justify home seizures.

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aCpZEUZRT3.w

Ouch.

 

[mgookin]

They've all been doing it.

Did you know Lehman is still in the business? They're the biggest crooks out there.

 

[LeeD]

Quote from mgookin:

They've all been doing it.

Given the number of invoved mortage servicing companies, this is pretty much a good summary of the article.

 

[forsalenyc]

Quote from mgookin:

They've all been doing it.

Did you know Lehman is still in the business? They're the biggest crooks out there.

are they?

 

[LeeD]

Quote from forsalenyc:

are they?

Most divisions of Lehman were quickly bought up by other banks - together with offices, staff and client lists. Shareholders (including Lehman employees with bonuses locked up in Lehman shares) got wiped out. So, did clients who were unlucky to hold money with Lehman, such as money market funds (they may receive part of their money back in a few years when "liquidation" is complete and remaining money is accounted for)... but the music for the most part keeps playing.