Charlie Scharf, chief executive of JPMorgan Chase & Company's retail bank, has announced that the bank will again begin filing paperwork in two weeks on nearly 127,000 foreclosures that were suspended due to suspicious filing actions. Last month, court documents showed that Chase employees were signing off on foreclosure paperwork without proper review for accuracy, thus giving birth to the "robo-signer" in many mortgage servicing foreclosure departments. The "robo-signer" was the designated employee or employees who were responsible for review foreclosure proceeding documents and have, at times, reviewed and signed off on an inordinate number of documents each day without proper notarization.
"Foreclosing isn't good for us," said Scharf. "We don't want to foreclose on people. Unfortunately, there are people that just don't want to stay in their homes or can't afford to stay in their homes."
The rise of the "robo-signer" brought the situation public and under the scrutiny of attorneys general nationwide as mortgage servicers nationwide called for a temporary halt of their foreclosures in order to review in-house procedures.
Reports have found that the average mortgage that Chase seizes hasn't been paid in more than 14 months. In Florida, its seized mortgages are overdue by 22 months, and by 26 months in New York. Half the homes Chase takes back are either vacant or occupied by a renter.
For more information, visit www.jpmorganchase.com.