NEW YORK – JPMorgan Chase’s CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.
Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.
They’ve been winning some of those arguments too.
If JP Morgan has pulled out of MERS, they’re done, but more importantly, this sort of no-confidence vote, right into the face of MERS saying all is ok and legal, leaves you with every title they have touched being potentially impaired.
Oh, and on top of that? Dimon, on the conference call this morning, wouldn’t give a projection on reserves for legal expenses related to Foreclosuregate.
I wonder why not Jamie?