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Wednesday, 13 October 2010

JPMorgan reviews 115,000 foreclosures for problems

UNITED STATED

JPMorgan Chase and Co (JPM.N) has identified "some issues" in its ongoing review of foreclosure affidavits, but remains confident that the repossessions were proper, senior executives said on Wednesday.

The second-largest U.S. bank by assets is reviewing 115,000 mortgage affidavits, Chief Financial Officer Doug Braunstein said during JPMorgan's third-quarter earnings call with analysts. The bank has so far found that some affidavits were not properly notarized.

U.S. banks -- including JPMorgan -- have suspended foreclosures in some states in recent weeks amid accusations from congressional leaders and consumer advocates that lenders cut corners foreclosing on thousands of homeowners.



But JPMorgan Chief Executive Jamie Dimon said during the earnings call that the bank's management was comfortable that serious issues will not be found, and any added costs from the review will be incremental.

"There's almost no chance we made a mistake," said Dimon.

(Reporting by Joe Rauch; Editing by Lisa Von Ahn)(Reuters)


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