“Chase Bank, the retail banking unit of JPMorgan Chase & Co., announced that it is very close to finalizing a consent decree that will end a federal investigation into the bank’s foreclosure practices and policy, which many have considered to amount to foreclosure fraud.

According to a statement by Chief Executive Officer Jamie Dimon the decree will result in “”some very significant changes,”" in the processes the bank uses when foreclosing on home owners nation-wide and also addresses the use affidavits, documentation and fees charged in the mortgage foreclosure process.

The proposed decree doesn’t address the question of fines and penalties.  Mr. Dimon states there will be fines and penalties to Chase, but due to the complexity of the matter they will be determined later; possibly by litigation.”

Read more: http://www.bloomberg.com/news/2011-04-13/jpmorgan-says-foreclosure-accord-with-federal-reserve-occ-may-come-today.html

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