The NY Post reports: “Just when you think you've heard every possible way a bank's mortgage department can mess things up, the moneylenders come up with a new way to amaze. For example, one of the country's largest mortgage lenders, JPMorgan Chase, was in a Long Island courtroom yesterday trying to get the OK to put liens back on about 400 homes it accidentally classified as having satisfied mortgages after the homeowners refinanced their mortgages.
The mistake happened four years ago, according to court papers. Since 2007, the 400 Suffolk County families could have stopped paying their mortgages, and it appears that Chase wouldn't have had the right to foreclose. It was an innocent bank error, Chase's lawyers said.
While not a single homeowner nor Chase appears to have been financially harmed because of the mistake, it highlights the tricky and sticky situation banks find themselves in. Every time a bank executive says he has his arms wrapped around the mortgage morass, new evidence pops up to prove him wrong.
Meanwhile, these same bank executives want investors to believe the worst has passed….
Find out more at http://www.nypost.com/p/news/business/farce_of_habit_at_jpm_iD5au4VDOJYAG7bFpkVbZP
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