Jaime Dimon: "Almost no chance we made a mistake" with foreclosures
JPMorgan Chase (JPM) is reviewing 115,000 mortgage loan files in its foreclosure process to correct possible faulty documentation. The bank's executives made the announcement during its third quarter earnings conference call Wednesday morning. Earlier in the month, JPMorgan Chase suspended foreclosures in 23 states after employees signed affidavits without reviewing foreclosure files or without a notary present. Ally Financial (GJM) and Bank of America (BAC) are reviewing files in all 50 states after suspending foreclosures as well. An REO broker in Long Island told HousingWire three foreclosed properties were re-cleared for the market after BofA reviewed those files. The bank initially said it would review 56,000 mortgage files when it announced its foreclosure suspension. Goldman Sachs' (GS) Litton Loan Servicing, PNC Financial (PNC) and OneWest Bank began reviews as well, while Wells Fargo (WFC) and Citigroup (C) maintain their affidavits are sound and will not suspend foreclosures. JPMorgan Chase said new processes are being put in place to ensure it fulfills all procedural requirements going forward. "There's almost no chance we made a mistake," Jaime Dimon, CEO of JPMorgan Chase, said during the conference call. While executives did say they expect to pay some attorneys general offices in penalties, they made clear they are trying to move quickly to avoid sending the already shaky housing market into another plunge. Write to Jon Prior.