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Mortgage Servicing

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OCC foreclosure consent order to cost JPMorgan Chase $1 billion in 1Q 

Apr 13, 2011By

JPMorgan Chase [stock JPM][/stock] reported $1.1 billion in first quarter risk management losses for newly implemented mortgage servicing practices. The rising compliance costs come as a result of the Office of the Comptroller of the Currency and the Federal Reserve investigation into industry-wide foreclosure practices. A spokesman for Chase said the costs come in the form of an adjustment in the fair market value of the mortgage servicing rights.

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