JPMorgan Finds 56,000 Foreclosures Its Employees Didn't Read And Is Forced To Freeze Them All

Yesterday, JPMorgan admitted that one of its employees signed off on thousands of foreclosure documents that he didn’t read.

Today, it got worse.

The bank announced they’re freezing a total of 56,000 foreclosures, signed by employees who were handed an impossible task.

From AOL:

JP Morgan has admitted that its foreclosure processors were under so much pressure to push through thousands of mortgage defaults that they rarely, if ever, reviewed the files for accuracy.

Now there’s a systematic investigation into the documents signed by the “robo-signers” who were told to sign off on more documents than they could read.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at