So Much For Bank Claims That Nothing is Wrong with Foreclosures: 4450 Foreclosures Halted In NYC Due to Inaccuracies

From Naked Capitalism.

After the dramatic multi-state foreclosure halts by three major servicers, GMAC, Bank of America, and JP Morgan, over the use of improper, “robo signed” affidavits, the new party line from these banks and others who also used robo signers, like Wells Fargo, is that this was a mere “technical” problem, that they had reviewed ten of thousands of pending foreclosures and claimed the underlying information and processes were sound.

A review by the New York Daily News indicates otherwise. …

Thousands of foreclosures across the city are in question because paperwork used to justify the seizure of homes is riddled with flaws, a Daily News probe has found.

Banks have suspended some 4,450 foreclosures in all five boroughs because of paperwork problems like missing and inaccurate documents, dubious signatures and banks trying to foreclose on mortgages they don’t even own…..

Some banks also pursue foreclosures even after delinquent homeowners have sold the houses and paid off the mortgages.

Yes, I feel confident that the banks who resumed their foreclosures because they found nothing wrong in their two week diligent review didn’t leave any stone unturned in their quest to find any problems.