Jamie Dimon, CEO of the nation's third largest lender/servicer, told analysts and investors Wednesday morning that a temporary halt in foreclosures will not have much of an impact on the housing market if it ends in three or four weeks.
"If it went on for a long period of time, it will have a lot of consequences — most of which will be adverse on everybody," the JPMorgan Chase chairman and CEO said during the company's third quarter earnings call.
Dimon disclosed that JPM is reviewing 115,000 loans that are in foreclosure to ensure the notes were processed properly. The bank is half-way through its review.
Meanwhile, JPM chief financial officer Doug Braunstein said the bank takes the foreclosure review "very seriously," dedicating significant resources to the effort. JPM, he said, will re-file affidavits when appropriate.
"New processes are being put in place to ensure we will fulfill all procedural requirements on a go-forward process," said Braunstein said during third quarter earnings call.
