Mortgage companies are scrambling after a document processor they relied on admitted to signing off on foreclosures without reading the paperwork. Ally Financial, the fourth-largest home lender, has halted evictions in 23 states; hundreds of other companies, including Fannie Mae and Freddie Mac, may also be affected because they use Ally to service their loans. The document signer, Jeffrey Stephan, was supposed to make sure that proceedings were legal and accurate; however, he did not, perhaps due to his huge case load—over 10,000 documents a month.
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