| January 19, 2011

JPMorgan CEO admits foreclosure errors

Over the last year, the mortgage lending industry has experienced a number of controversies surrounding the way it foreclosed millions of homes across the county.

However, this week, Jamie Dimon, the head of major mortgage financier JPMorgan, spoke to the press about errors that were made during the process and about what the future may hold for the business.

“It is a big mess, it has cost us a lot of money,” Dimon said during a conference call this week, according to Marketwatch. “Unfortunately, the only way to do it right is name by name by name.”

Dimon also said the company would instate a number of checks and balances so that future mistakes could be avoided. In addition, he said JPMorgan has put aside reserve funds for use in future litigation settlements.

The company’s co-chief executive predicted it would be years until the entire process was resolved. However, there were no indications as to when the many consumers who are still struggling with mortgage payments, credit card debt and foreclosure would see any positive news regarding settlements.

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