Tuesday, December 21, 2010

New Jersey to Suspend Tens of Thousands of Foreclosures

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.'


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