Wilmington, DC – October 18, 2010 – (RealEstateRama) — Attorney General Beau Biden announced that his office is participating in a coordinated national effort by state Attorneys General and state mortgage regulators to investigate the foreclosure review and verification procedures used by the mortgage servicing industry. Officials from 50 states have joined together to review allegations that affidavits or other documents used in foreclosure proceedings were improperly submitted as well as other issues regarding irregularities or abuses by mortgage lenders and loan servicers. Last week, Biden urged Bank of America, JP Morgan Chase, and Ally Financial to suspend foreclosure proceedings while they review their foreclosure procedures and announced that his office is reviewing the banks’ foreclosure practices. Bank of America responded two days later by halting foreclosure proceedings in all 50 states
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