Citigroup (NYSE:C), Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC) Foreclosures May be Suspended

Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC), among others, may have had to face a suspension of their foreclosures in the state of New Jersey, according to an order by Judge Mary C. Jacobson.

The banks in question must “show cause why the processing of uncontested residential foreclosure matters they have filed should not be suspended,” said Jacobson in the order.

New Jersey Supreme Court Chief Justice Stuart Rabner, made the announcement concerning Jacobson's decision, adding, “It’s important that the judiciary ensures that judges are not rubber-stamping documents of questionable reliability.”

So far in 2010 there have been over 65,000 new foreclosures in New Jersey alone.

The banks have until January 19 to respond to the order.