JPMorgan To Resume Foreclosures

JPMorgan expects to resume foreclosures in the next few weeks.
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NEW YORK (

TheStreet

) --

JPMorgan Chase

(JPM) - Get Report

expects to resume foreclosures in the next few weeks.

JPMorgan's head of retail services Charles Scharf made the comments during a presentation at the BancAnalysts Association of Boston conference on Thursday.

JPMorgan is one of several banks including

Bank of America

(BAC) - Get Report

,

PNC

(PNC) - Get Report

and

Ally Financial

that halted foreclosures recently amid the latest scandal to hit the housing industry.

JPMorgan,

Wells Fargo

(WFC) - Get Report

and Bank of America have all said they have found errors in the documentation process

Bank of America, which halted foreclosures in all 50 states, has since resumed its process.

According to presentation slides, JPMorgan stopped foreclosure proceedings in 40 states on roughly 127,000 loans. Evictions of an additional 8,200 occupied real estate owned properties were also stopped, according to the presentation.

Chairman and CEO Jamie Dimon said during the bank's third quarter earnings call on Oct. 13 that it would take several weeks to go through files, as well as various conversations with state attorney generals and regulators, and that banks will be able to

resume foreclosures in early 2011.

JPMorgan shares were rising 1.4% to $38.43.

To contact the writer of this article, click here:

Laurie Kulikowski

.

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