JPMorgan May Face Enforcement, Added Costs in Mortgage Probes
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JPMorgan Chase & Co., the second-largest U.S. bank by assets, may face enforcement actions, fines and other added costs stemming from probes of its mortgage-servicing procedures.
“The firm expects to incur additional costs and expenses in connection with its efforts to correct and enhance its mortgage foreclosure procedures,” the New York-based company said in its annual filing with the Securities and Exchange Commission yesterday. JPMorgan said it can’t predict the outcome of the federal and state investigations or the financial impact.