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JPMorgan Chase wants foreclosure problem fixed quickly

(Reuters) - JPMorgan Chase & Co's (JPM.N) chief financial officer on Wednesday joined a growing chorus of industry executives calling for a speedy resolution of the probes into the industry's foreclosure practices as a settlement may be on the horizon.

"We work very hard with our regulators to come to the right answer and we hope to do that quickly as well," said JPMorgan CFO Doug Braunstein, speaking at the Bank of America Merrill Lynch financial services conference.

Braunstein's comments come as the largest U.S. mortgage lenders and the 50-state attorneys general are negotiating a settlement of investigations into the industry's foreclosure practices, according to media reports.

http://www.reuters.com/article/idUSTRE6AG2VO20101117



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Michael Nystrom's picture

A growing chorus?

There is a growing chorus among the people calling for the banks to take responsibility for their actions, not for consequences to be swept under the rug!

fireant's picture

Interesting that 50 State Attorney's are acting as one.

No mention of re-imbursement of title transfer fees. I don't think this will fly.

Undo what Wilson did

So...just out of

So...just out of curiosity,how the hell can they "fix" illegal paperwork?
Get a new law passed?Didn't they try that already and Obuma vetoed it?
I'm just wondering how legit a "new" law would be and who would actually go along with it besides the banks?
Also how would you fight an improper foreclosure or bad paperwork if they make it legal to do this?
F'n crazy...

I'd rather die on my feet than live on my knees...

they dont want it fixed, they

they dont want it fixed, they want the spotlight off their scrupulous practices because people are getting pissed and figuring out their scam. They want to perpetuate the fraud and continue in this ponzi scheme we call banking....

Ok,

here's the "quick fix" that I like.
JP Morgan, BOA, Goldman Sachs, and the others who participated in the fraudulent scheme can take ALL the financial losses, close their doors, and get the hell out forever.

Don't forget everyone

Don't forget everyone involved going to jail. And, to make sure the taxpayers don't have their burdens increased because of the influx, let's release 1 person in jail for a drug possession charge for each banker jailed.

Of course, this will never happen. None of these thieves will go to jail, the courts are set up to protect them.

Ta,

Every decent man is ashamed of the government he lives under. -- H.L. Mencken

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