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Delaware AG calls for foreclosure suspension

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Delaware Attorney General Beau Biden called for Ally Financial (GJM), JPMorgan Chase (JPM) and Bank of America (BAC) to halt foreclosures in the state. Delaware was not one of the 23 original states the banks suspended foreclosures in after discovering employees signed affidavits without verifying the accuracy of case documents or a notary present. Biden is the son of Vice President Joseph Biden. In a letter Biden sent to the banks Tuesday, Biden ordered the banks provide his office with a description of existing foreclosure review and verification process, including new procedures being developed. He asked for copies of all complaints the banks received from Delaware citizens, and a more detailed explanation of why they are suspending foreclosures in other states. In 2009, Biden set up a Mortgage Fraud Task Force to educate homeowners about the foreclosure process and government programs, while investigating foreclosure scams. "Today we are taking another step to help homeowners by asking banks to suspend foreclosures until we can verify they have followed Delaware laws governing mortgage paperwork," Biden said. "It is important that no Delaware family loses their home because a bank makes a paperwork error." Other states outside of the original 23 are calling for suspensions as well, incluing Texas AG Greg Abbott. California House Democrats have asked for a federal investigation. Write to Jon Prior. The author holds no relevant investments.

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