JPMorgan exits electronic mortgage tracking system

(AP) –

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.

JPMorgan Chase & Co. and other banks have suspended some foreclosures following allegations of paperwork problems in thousands of cases.

JPMorgan’s CEO, Jamie Dimon, made the announcement in a conference call Wednesday to discuss the bank’s quarterly earnings.

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