J.P. Morgan Chase: “Foreclosure is the Last Resort”

By Kyle Chezum Updated on 11/17/2010

11/17/2010

J.P. Morgan Chase Co. Chief Financial Officer Doug Braunstein gave an update on the bank’s investigation into potentially errant foreclosures.  Though Chase has instituted a foreclosure moratorium, the bank continues to insist that none of its foreclosures were filed in error.  Braunstein stated that “foreclosure is the last resort and we work very hard to avoid it.”

Braunstein offered no specific details about the investigations, however.  He reiterated that the bank’s loan loss reserves remain strong and that the bank is, overall, financially healthy.

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