Probe into ‘blind stamping’ of documents prompts halt in foreclosures
Eric Garrabrant, an attorney who represents homeowners in foreclosure, was tapped for comment by The Philadelphia Inquirer in an article reporting on the process of banks’ “blind stamping” mortgage documents prior to foreclosing on homes. Reports of “blind stamping,” that is, foreclosure documents being signed without having been read, have resulted in a halt to foreclosure procedures by certain lenders and calls for a federal investigation, amid reports of misconduct. One of the banks in question is JP Morgan Chase, whose spokesperson’s comment on the situation (“We believe the accuracy of the factual loan information in the affidavits was not affected by whether or not the signer had personal knowledge of the precise details.”) caused Garrabrant to state, “That’s a quote only a lawyer could love.” He added, “So, if you swear facts are true without knowing they are true, apparently it’s OK, so long as they ultimately turn out to be accurate?”
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