(Chicago Sun Times) — The decision by three banks to halt foreclosure proceedings as they review whether documents in earlier cases were properly checked could slow the housing market recovery, or help by clearing inventory and giving homeowners who are behind on their mortgages more time to catch up.
JPMorgan Chase, GMAC Mortgage and Bank of America stopped foreclosing cases in 23 states after judges in Florida and elsewhere started tossing out foreclosure cases because of disclosures that employees of mortgage servicers had signed hundreds of affidavits each day without reviewing the foreclosure documents. Attorneys general in several states, including Illinois, have said they are investigating bank procedures.
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