J.P. Morgan Implements New Processes, Resumes Foreclosures

By Kyle Chezum Updated on 11/4/2010

11/04/2010

J.P. Morgan retail financial services Chief Executive Officer Charlie Scharf stated that the bank will resume processing foreclosure sometime in the next few weeks.  J.P Morgan had put foreclosures on hold in 40 states after uncovering potential errors in the document review process.  Scharf stated that the number of mortgage delinquencies did not increase during the month of October.

The bank has implemented new, fuller processes to better review foreclosure documents.  Scharf said the bank expects no additional future holdups.

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