From the NY Observer:
“We’re not evicting people who deserve to stay in their house,” JPMorgan Chase CEO Jamie Dimon said in mid-October on his company’s third-quarter earnings conference call. Now it appears as though the company is now willing to act on Dimon’s convictions. Reuters reports that the bank’s retail financial services chief, Charlie Scharf, told analysts today that the bank will be plowing forward on foreclosure proceedings in the next few weeks.
Scharf said that JPMorgan had stopped its foreclosure processes to review paperwork on some 127,000 loans in 40 states, and after implementing some new foreclosure procedures is now set to resume repossessions of homes from delinquent borrowers.
On the Oct. 13 earnings call, JPMorgan acknowledged that employees charged with signing mortgage affidavits had not always reviewed the underlying loans governing the documents. The company nevertheless expressed confidence in its procedures, despite a joint investigation into the matter by attorneys general hailing from all 50 states in the union. “Maybe we will have to pay penalties from the AGs eventually, but we think we should just continue” he said.