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Ohio SoS Brunner refers Chase Home Mortgage and Mortgage Electronic Registration Systems, Inc. to Feds for fraud

KABOOM, says 4closurefraud.

The fraudulent system of robosigning is not something a few bad apples can put in place. Executives sign off on systems like that -- and that's called "accounting control fraud."

If the Feds have any gumption, they'll pursue the fraud right up Chase's org chart, and we'll see "savvy businessmen" like Jamie Dimon do the perp walk in an orange jumpsuit yet.

NOTE How much you want to bet, since, after all, cream rises, that the Obama administration indicts chase before the mid-terms, just to show they're doing something? No, me neither. The scum also rises.

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Submitted by jawbone on

in 23 states. Robo Signing scandal.

It was big news here in the NY/NJ area -- but nothing was mentioned about possible criminal investigations. I figured JPMorgan Chase was just trying to let things settle down, find work arounds to avoid ticking off foreclosure judges, and would be right back foreclosing on people when they had their ducks in a row.

Seems their ducks may goose them.... Or they're in the duck pit big time for some nice long legal wrangling.

JPMorgan Chase has temporarily stopped foreclosing on more than 50,000 homes so it can review documents that might contain errors.

JPMorgan's move Wednesday makes it the second major company to take such action this month, underscoring a growing legal problem. The issue could stall an already overloaded foreclosure process.

Still, analysts don't expect the delays to reduce the number of foreclosures over the long run.

"It will probably slow things down for a couple months while these documents are reviewed," said Rick Sharga, a senior vice president at foreclosure listing service RealtyTrac Inc. "It won't stop things."

JPMorgan acknowledged Wednesday that its employees signed some affidavits about loan documents without personally verifying the files. These affidavits verifies the accuracy of the loan information, including who owns the mortgage.

JPMorgan spokesman Kelly said the bank believes the information in the affidavits is accurate, and that the affidavits were prepared by "appropriate personnel."

The bank asked judges not to enter judgments against homeowners facing foreclosure until it completes its review of the problem. JPMorgan expects the process to take a few weeks.

Wonder if the timeline just a bit longer than a few weeks.