BofA, Banks Urge New Jersey Not to Halt Foreclosures
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Bank of America Corp., JPMorgan Chase & Co. and other U.S. banks told a New Jersey court that defects in their processes for seizing homes in the state can be remedied without halting foreclosures.
The banks have taken steps to improve their procedures, making a suspension unnecessary, they said in documents filed yesterday in state court in Trenton, New Jersey, and made public today. The filings came in response to a proposal to freeze foreclosures in the state by six U.S. banks while their procedures are reviewed.