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NJ CUTS DEAL WITH MORTGAGE SERVICERS ON FORECLOSURES

Posted by Admin Posted on Mar 22 2011

Back in December, a New Jersey judge  appointed Edward Dauber, a Newark attorney, to prepare arguments in favor of halting foreclosures in New Jersey.  Dauber has reached an agreement with Ally Financial, Inc., Bank of America, JP Morgan Chase & Co, Wells Fargo & Co., Citigroup Inc, and One West Bank calling for the appointment of a special master to oversea foreclosure procedures for a year.

The Special Master would review bank foreclosure procedures and documentation processes.  Dauber recommended retired New Jersey Superior Court Judge Richard Williams for the post.  Based on the agreement, Dauber recommended to the Court that foreclosures should be allowed to continue under the supervision of the Special Master.

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