NEW YORK (
is reportedly suspending more than 50,000 foreclosures in order to take a closer look at their documentation.
said that the company has acknowledged its employees "signed some affadavits about loan documents without personally verifying the files," and said the bank has asked judges to hold off on entering judgments on the foreclosures in question until its review is complete.
New York Times
, and that all of the mortgages in question were in states that require court approval of foreclosures, specifically citing New York, New Jersey, Connecticut, Florida and Illinois.
JPMorgan shares closed Wednesday at $38.41, down 1.4%. Year-to-date, the stock is off 6.5%. A JPMorgan spokesperson wasn't immediately available for comment on the reports.
The bank's move follows a similar action taken by GMAC Mortgage last week, which also suspended certain foreclosures to review their documentation amid questions about whether the cases were being processed properly.
Written by Michael Baron in New York.
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