Foreclosure Freeze: JPMorgan Chase, GMAC Deny “Robo-Signers” Led to Inappropriate Foreclosures

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Carlo Gabriel Simbajon
October 11, 2010

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Amidst growing clamor for a foreclosure freeze across the country, JPMorgan Chase (NYSE:AMJ.SO) and Ally Financial Inc. (formerly GMAC Inc.) deny that “procedural errors” in mortgage documents led to “inappropriate foreclosures.” These errors, which many are now referring to the use of “robo-signers,” are believed to have led thousands of homeowners from being wrongly kicked out of their homes.

“Robo-signers,” a termed coined by Iowa assistant attorney general, Patrick Madigan, refer to bank employees or contractors who signed off on mortgage documents without reading or checking them.

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JPMorgan said in a statement “”We believe the accuracy of the factual loan information contained in the affidavits was not affected by whether or not the signer had personal knowledge of the precise details.” Gina Proia, spokeswoman for GMAC (Ally Financial Inc.) said “We don’t believe the procedural errors in these affidavits led to inappropriate foreclosures.”

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