Bank-Imposed Foreclosure Moratorium List Grows

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October 11, 2010 –

First it was GMAC/Ally Capital. Then it was JP Morgan Chase Bank. Then it was Bank of America. Now its PNC Bank joining the ranks of banks who are unilaterally stopping foreclosure processes in light of the testimony of Jeffrey Stephan, the GMAC Mortgage employee, who testified earlier this year that he signed tens of thousands of foreclosure affidavits — those used in the process of obtaining judgment in defaults and other contested foreclosures — without having personal knowledge over what he or other bank employees signed.

Now, several attorney generals from states such as Ohio are getting in on the action. Richard Cordray, the AG from Ohio, has sued to stop foreclosures in Ohio by GMAC/Ally Capital. NAILTA has received an exclusive copy of the letter that he has forwarded to every judge in the state asking them to suspend foreclosure activity until a thorough review can be conducted.

The letter is embedded below. 

Cordray Foreclosure Letter