yes, the largest u.s. mortgage services froze foreclosures across the country. why? freddie mac, a big housing giant run by the government put b-of-an under the microfor worries about the documents it was using to foreclosure homes. putting pressure on other banks and other states, too. what is the problem? they re called robo signers hired by the banks. in other words, employees charged with signing hundreds of documents daily. little careful review of the documents are criteria used to foreclosure the homes apparently. what does this mean to you? first of all, if you are in danger of foreclosure, you may get breathing room. three of the country s biggest lenders halted foreclosures, gmac, jp morgan chase and now b-of-a. the aim is reassess and process, check out what may be inaccurate paperwork. this could bring sales to these homes to a sudden stop.
sweeping move halting all foreclosure in 50 states. carroll line shively is live with more. you knot it ally. bank of america is the first big bank to hut down nationwide . many of the others are doing it in half of the states. gmac and j.p. morgan-chase are big names in addition to bank of america. head of boa said some mistakes his company made hurt customers. companies made poor business decisions and cost customers money. however, u.s. global service remain vital to the success of our customers. these companies are accused of using robo signers bank
gmac . j.p. morgan-chase and itton stop. they are using robo 69er system bank employees said yes, i revowed and it is true. but they never opened the foreclosure file. some employees were signed thousands of documents a month. in a short term it could give distressed homeowner . since all of the homes wouldn t in foreclosure sales. long term. housing market pulled the u.s. out of past recession. the senate plans hearing on this next month after the election. back to you. thank you, caroline.
states. the company saying it will review the accuracy of the documents in the wake of a scandal over the tactics used by some of america s biggest lenders. the tactics calling in to question the legality of forcing people from their homes. caroline shively has the latest from washington. reporter: julie, to start it off as banking paperwork scandal and whipped up to a crisis. bank of america is the first big name to shut down foreclosures in all 50 states, but they are one of five to do it in half the country. gmac and jp morgan chase, pnc and liton loan servicing closed foreclosures across the country. i doesn t mean that the homes shouldn t have faced foreclosure but the paperwork may not have been in order. they are using a bank employee that signed paperwork saying i reviewed what is in here and it s true, but they never opened the foreclosure file. some employees signing thousands of documents a month.
news that apple is going to make iphone 4 available to verizon users next year. it s only available through at&t. bank of america stopping foreclosure in all 50 states and more banks could do the same in coming days. what does it do for the housing market? caroline shively has the story from washington. this started out as a banking scandal and whipped up to a crisis. bank of america is the first name to shut down foreclosures in 50 states but one of five to do it in half the country. gmac and jp morgan chase stopped some of their foreclosures. across half the country. it doesn t mean they shouldn t have faced foer foersz foreclosure but the paperwork might not have been in order.