NJ judge lifts holds on major banks' foreclosures

(AP) - A New Jersey judge has ruled that fourmajor banks can resume uncontested foreclosure actions in the stateunder court monitoring.Bank of America, Citibank, JP

TRENTON - (AP) - A New Jersey judge has ruled that fourmajor banks can resume uncontested foreclosure actions in the stateunder court monitoring.

Bank of America, Citibank, JP Morgan and Wells Fargo were amongsix large lenders targeted by New Jersey's Supreme Court lastDecember.

The high court ordered the banks to produce evidence that theirforeclosure practices weren't tainted by irregularities reportedaround the country. A report had described instances where employees weren't trainedto process foreclosures and signed hundreds of documents a daywithout checking them for accuracy, a process known as"robo-signing."

The banks argued the state overstepped its authority and saidthey had already begun remedial action last fall.

It was not known if a decision on the other two lenders, OneWestand GMAC, would be released Monday.

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