At least three major lenders have halted foreclosures, citing the need to review whether their mortgage documentation complies with court rules in the 23 states that require court approval before a foreclosure can take place.
The decisions by the lenders — Ally Financial, Bank of America and JPMorgan Chase — have spotlighted little-known law firms that act as so-called foreclosure mills and the practice among lenders of hiring “robo-signers,” people who sign tens of thousands of documents per month.
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