From the Star Ledger:
For the third time in nearly a month, the state has postponed a hearing for six of the country’s biggest mortgage lenders that have been called to court to defend their foreclosure practices.
Edward Dauber, the attorney appointed to represent the state in the case, requested a third extension to allow the parties additional time to negotiate a settlement, according to the court order released yesterday.
In December, Chief Justice Stuart Rabner ordered six banks, including Citibank, JPMorgan Chase and Bank of America, to outline their past and present foreclosure processes amid fears homeowners were unnecessarily forced out of their homes. The banks responded with hundreds of pages of documents, arguing new systems are already in place to avoid that from happening and plans for additional changes are underway.
The banks must now appear in court March 15, instead of earlier dates of March 1 and Feb. 14. At the hearing, Judge Mary Jacobson will decide whether the banks’ pending foreclosures should be suspended, unless the case is settled out of court earlier.