Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010

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Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010

Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010

Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services
Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010

Introduction
Chairwoman Waters, Ranking Member Capito, and Members of the Committee, thank you for inviting me to appear before you today. My name is Stephanie Mudick, and I am the head of the Office of Consumer Practices at JPMorgan Chase. I am grateful for the opportunity to discuss Chase’s loan servicing business, our wide-ranging efforts to enable borrowers to keep their homes and avoid foreclosure where possible, and the recent issues that have arisen relating to affidavits filed in connection with certain foreclosure proceedings.

JPMorgan Chase is committed to ensuring that all borrowers are treated fairly; that all appropriate measures short of foreclosure are considered; and that, if foreclosure is necessary, the foreclosure process complies with all applicable laws and regulations. As I will discuss in detail later in my testimony, we regret the errors that we have discovered in our processes, and we have worked hard to correct these processes so that we get them right. We take these issues very seriously.

Chase services about nine million mortgages across every state, representing over $1.2 trillion in loans to borrowers. In our role as servicer, we are responsible for administering loans on behalf of the owner of the loan, which sometimes is Chase itself, but more often is someone else – a government-sponsored enterprise (GSE), a government agency (such as the Federal Housing Administration or the Department of Veterans Affairs), a securitization trust, or another private investor.

I will first discuss Chase’s extensive efforts to help borrowers avoid foreclosure and then discuss the issues that led to our temporary halt to some foreclosures, as well as Chase’s enhanced procedures for the foreclosure process.

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