Six Mortgage Servicers Agree To Special Master Oversight In New Jersey Foreclosure Actions

Bloomberg reports:

• Bank of America Corp. and five other mortgage servicers agreed to the appointment of a special master to examine foreclosure procedures in New Jersey, a court- appointed lawyer said [].

• A blanket suspension of foreclosures in New Jersey isn’t necessary in light of the settlement, which subjects the banks to a performance review for a year, the lawyer, Edward Dauber, said in a letter to Superior Court Judge Mary Jacobson, posted on the court’s website. Dauber’s law firm, Newark, New Jersey- based Greenberg Dauber Epstein & Tucker, was appointed to present arguments supporting a foreclosure suspension.

For more, see BofA, Other Banks Agree to Special Master for Foreclosures in New Jersey.

See also The Star Ledger: Court appointee to review tens of thousands of N.J. home foreclosures:

• The settlement comes four months after Chief Justice Stuart Rabner issued a three-part order to combat rogue foreclosure filings, citing a staggering increase in foreclosure cases and concerns judges had inadvertently "rubber stamped" foreclosures that had inadequate or incorrect paperwork.