01/11/2011 04:19 pm ET | Updated May 25, 2011

Big Banks To New Jersey: Stop Bugging Us About Foreclosure Documents

When New Jersey tightened its rules for foreclosures in response to the crisis over false loan documents, it took the unprecedented step of ordering the six largest servicers -- Ally Bank/GMAC, Bank of America, Citibank, JPMorgan Chase, Wells Fargo and OneWest -- to explain why they should be allowed to continue with their foreclosures. If any of them couldn't adequately justify itself, New Jersey would suspend all the foreclosure actions by that bank in the state and appoint a special master to investigate its past and proposed processes.

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