JPMorgan Chief Admits Foreclosure Process a 'Mess'
01/17/2011
By Credit.com Staff
JPMorgan, like many other major national lenders, has been hit hard by the robosigning controversy that forced hundreds of thousands of Americans from their homes, according to a report from Marketwatch. As a result of the furor over the process, the company halted all foreclosures for several months and will spend more money to properly make sure it reviews the process.
"It is a big mess, it has cost us a lot of money," JPMorgan CEO Jamie Dimon said during a recent conference call, according to the news source. "Unfortunately, the only way to do it right is name by name by name. We will do as many as we can. There is a lot of paperwork. The paperwork is different in every single state."
Dimon added that the company is now trying to correct the mistakes it made, the report said.
Despite the losses, the company saw profits jump 47 percent in the fourth quarter of 2010 as its credit card unit dealt with fewer charge offs.
