JPMorgan Chase (NYSE:JPM) is working with regulators and state attorneys general to reach a speedy resolution to the on-going probes into the industry's foreclosure practices, the bank's chief financial officer said Wednesday.
"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.
New York-based JPMorgan halted home foreclosures in 23 U.S. states in October, pending a review of its internal practices, and has been one of several large mortgage lenders at the center of a public firestorm over home repossessions.
Critics allege the major U.S. mortgage lenders cut corners in foreclosures, namely using so-called "robo-signers"—employees who signed thousands of foreclosure documents daily without properly reviewing them.
Braunstein said the foreclosure halt will increase JPMorgan's foreclosure costs by "a few hundred million" per month, and those costs will begin appearing in the bank's financial results in the coming quarters.