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Posted by Ronald M Allen on December 20, 2010

…and you think it can’t get worse?
In case you missed this story:
By Brian Thompson NBCNewYork.com
Six of the biggest banks in the nation have
been told by New Jersey’s Supreme Court
Chief Justice that unless they can prove
otherwise, they will have to stop tens of
thousands of foreclosures in the Garden State.

“This is something we have focused on for a
number of months,” Chief Justice Stuart
Rabner told NBCNewYork in a conference call
with reporters Monday afternooon.

New Jersey’s action follows similar moves in
other states where lawyers for homeowners
have found bankers using so-called “robo
signing” to process the paperwork of
foreclosures, when court rules require the
banker involved to have specific knowledge of
each case.

The banks involved include Bank of America,
Ally (formerly GMAC), JP Morgan Chase, One
WestBank (formerly Indybank), Citibank, and
Wells Fargo.

Together, they filed 29,000 foreclosure
notices so far this year, nearly half of the
65,000 to date.

In addition, the Court is demanding that two
dozen smaller lenders prove that they are on
NJ to Suspend Tens of Thousands of Foreclosures

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