J.P. Morgan: Foreclosures take an average of 448 days...

“We’ve delayed the foreclosure process in almost all of the states to make sure that we’ve got all of these affidavits done right, and it’s going to take a lot of manpower and a couple of weeks to do it,” said Dimon, 54. “At the end of the day, the underlying substance was accurate. There’s almost no chance that we’ve made a mistake.”

Evictions Justified

Chief Financial Officer Doug Braunstein said the bank has identified “some issues” in its foreclosure process and is reviewing each case on a “loan-by-loan” basis.

“Maybe mistakes were made, but not where someone got evicted out of a home that shouldn’t have been,” Dimon said.

Foreclosures take an average of 448 days, and borrowers typically don’t make any payments during that span, Braunstein said. Delays tied to the probes may cost U.S. lenders $2 billion for every month of delay, and the tab could reach $6 billion, according to Paul Miller, the bank analyst at FBR Capital Markets.

....

“It will cost us some money to go back and make sure it’s done right; it will delay some foreclosures,” Dimon told reporters on a conference call today after posting quarterly results. “But the whole mortgage issue costs us so much money now, to me it will be incremental.”

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aVlvC.s6v0kg&pos=4

 

nah.

forget about that orange county family that called 9-1-1 because they thought a burglar was breaking in, only to find out it was the bank changing the lock. nevermind the house wasn't even owned by the bank.

 

“It will cost us some money to go back and make sure it’s done right"

Well why the fuck wasn't it done right the first time. How inefficient can these pricks be. The games they play is just incredible.

 

If the family did not own the house and the bank did not own the house, so who owns it?

 

J.P. down on comparatively heavy volume -0.8 %.

 

Bascially- people who own government agency bonds- either FRM, FNM, or GNMA, etc...

Who should really care is the US. Government, they're backing the agencies that are ensuring that mortgage- so they pick up the bill for any loss the bank sees. But of course they don't care.

 

wow. thats about a 1.5 year before you get kicked out

 

Talk about living on borrowed time. The banks that is... If they foreclose they lose all Political Will for Bailout 2.0

 

Funny how righteous you sound here. Yeah, they should have done it correctly. But lets not lose sight of these losers sitting in a house for 400+ days without making a payment. Right or wrong, these losers don't deserve to be sitting in the house.

OldTrader

 

Free CHEESE for everyone!!!