âWeâve delayed the foreclosure process in almost all of the states to make sure that weâve got all of these affidavits done right, and itâs going to take a lot of manpower and a couple of weeks to do it,â said Dimon, 54. âAt the end of the day, the underlying substance was accurate. Thereâs almost no chance that weâve made a mistake.â
Evictions Justified
Chief Financial Officer Doug Braunstein said the bank has identified âsome issuesâ in its foreclosure process and is reviewing each case on a âloan-by-loanâ basis.
âMaybe mistakes were made, but not where someone got evicted out of a home that shouldnât have been,â Dimon said.
Foreclosures take an average of 448 days, and borrowers typically donât make any payments during that span, Braunstein said. Delays tied to the probes may cost U.S. lenders $2 billion for every month of delay, and the tab could reach $6 billion, according to Paul Miller, the bank analyst at FBR Capital Markets.
....
âIt will cost us some money to go back and make sure itâs done right; it will delay some foreclosures,â Dimon told reporters on a conference call today after posting quarterly results. âBut the whole mortgage issue costs us so much money now, to me it will be incremental.â
http://noir.bloomberg.com/apps/news?pid=20601087&sid=aVlvC.s6v0kg&pos=4
Evictions Justified
Chief Financial Officer Doug Braunstein said the bank has identified âsome issuesâ in its foreclosure process and is reviewing each case on a âloan-by-loanâ basis.
âMaybe mistakes were made, but not where someone got evicted out of a home that shouldnât have been,â Dimon said.
Foreclosures take an average of 448 days, and borrowers typically donât make any payments during that span, Braunstein said. Delays tied to the probes may cost U.S. lenders $2 billion for every month of delay, and the tab could reach $6 billion, according to Paul Miller, the bank analyst at FBR Capital Markets.
....
âIt will cost us some money to go back and make sure itâs done right; it will delay some foreclosures,â Dimon told reporters on a conference call today after posting quarterly results. âBut the whole mortgage issue costs us so much money now, to me it will be incremental.â
http://noir.bloomberg.com/apps/news?pid=20601087&sid=aVlvC.s6v0kg&pos=4
