Bankruptcy lawyers buzzing over foreclosure revelations

The news wires are just packed with stories on foreclosures lately. In just a small sampling:

* All 50 state attorney generals appear to be circling the wagons around the large banks, questioning their handling of residential foreclosure procedures;

* Syndicated columnist Candice Choi raises the spectre of disbarred lawyers trying to scam homeowners based on these recent developments;

* And JP Morgan Chase annouced increased profits, but the news came out on the same day that officials from all 50 states announced a joint investigation into accusations that lenders used flawed documents to foreclose on thousands of homeowners. JPMorgan, a big player in the mortgage market, said it was expanding its review of foreclosures from 23 to 41 states, and doubling the amount of cases under review to 115,000.

Stay tuned for more to come!


By Doug Beaton

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