UPDATE 1-JPMorgan reviews 115,000 foreclosures for problems

* CEO says it is unlikely bank made a mistake

* JPMorgan’s costs of foreclosure review incremental

CHARLOTTE, N.C., Oct 13 (BestGrowthStock) -JPMorgan Chase and Co
(JPM.N: ) has identified “some issues” in its ongoing review of
foreclosure affidavits, but remains confident that the
repossessions were proper, senior executives said on
Wednesday.

The second-largest U.S. bank by assets is reviewing 115,000
mortgage affidavits, Chief Financial Officer Doug Braunstein
said during JPMorgan’s third-quarter earnings call with
analysts. The bank has so far found that some affidavits were
not properly notarized.

U.S. banks — including JPMorgan — have suspended
foreclosures in some states in recent weeks amid accusations
from congressional leaders and consumer advocates that lenders
cut corners foreclosing on thousands of homeowners.

But JPMorgan Chief Executive Jamie Dimon said during the
earnings call that the bank’s management was comfortable that
serious issues will not be found, and any added costs from the
review will be incremental.

“There’s almost no chance we made a mistake,” said Dimon.
(Reporting by Joe Rauch; Editing by Lisa Von Ahn)

UPDATE 1-JPMorgan reviews 115,000 foreclosures for problems