J.P. Morgan expands foreclosure review to home loans in 41 states
J.P. Morgan said in a conference call with analysts Wednesday that it plans to expand is review of home loans from 23 states to roughly 115,000 in 41 states, saying it had "identified issues" in foreclosure documents.
While J.P. Morgan did not call its review a freeze, it is effectively one as the company will have to review each document individually.
"We really believe the proper approach and response here is to go loan by loan, file by file, customer by customer," Chief Financial Officer Douglas Braunstein said.
J.P. Morgan said that while it did not believe any borrowers had been improperly evicted from their homes, the bank may have to pay penalties to states as a result of investigations by state attorneys general.
Also on Wednesday, JPMorgan Chase & Co. said that its third-quarter profit jumped 23 percent because the banking giant was able to set aside less money to cover loan losses.
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