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Governor calls for foreclosure freeze in Michigan

By AP

LANSING, MI –
Gov. Jennifer Granholm is asking the nation's top lenders to suspend all Michigan foreclosures until an investigation is finished into legal irregularities.

Employees of several major lenders have acknowledged in depositions that they signed thousands of foreclosure documents without reading them as required by state laws.

Democratic gubernatorial candidate Virg Bernero also has called for a foreclosure freeze until the matter is investigated. Republican candidate Rick Snyder says that could hinder access to credit.

Granholm said Thursday that she sent letters to Ally Financial Inc.'s GMAC Mortgage unit, JPMorgan Chase & Co., Citigroup Inc., PNC Financial Services Group Inc. and Wells Fargo & Co.

Bank of America Corp. already has halted foreclosures in all 50 states.

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