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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.

By Ariana Eunjung Cha  | October 13, 2010; 11:04 AM ET
Categories:  Housing  
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Comments

And there quarterly profit was only $4.4 billion. Do we get at least a thank you.
NOPE! We bailed them out, where is our extra spending $$.

Posted by: Anonymous | October 13, 2010 11:45 AM | Report abuse

Ask the government where our extra spending money is. They made the decision to lend money to the banks - pretty much without consulting the American people. They will ultimately pay for that decision next month.

Posted by: Anonymous | October 13, 2010 12:12 PM | Report abuse

How will they pay next month? I am tired of this foolishness these banks has jerk citizens around is wrong.

Posted by: drfields | October 13, 2010 2:57 PM | Report abuse

The feds need to be doing this, not J P Morgan.

Does anyone really expect the fox to guard the henhouse.

Posted by: citigreg | October 13, 2010 4:25 PM | Report abuse

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Posted by: Anonymous | October 13, 2010 10:51 PM | Report abuse

LOL! Raise your hand if you think J.P. Morgan will find ANYTHING wrong!!!

Posted by: solsticebelle | October 13, 2010 11:28 PM | Report abuse

Wonder what will happen with the pending forclosures Chase just transferred to or "dumped on" IBM lender...

Posted by: Everythingscominguproses | October 14, 2010 1:01 AM | Report abuse

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