The U.S. mortgage business is a “mess” in need of overhaul, JPMorgan Chief Executive Jamie Dimon reckons.
Shares Lender Processing Services Inc fell as much as 9.8 percent at one point on Monday after Scot Paltrow’s special report said the company, which helps banks manage mortgage foreclosure documentation, faces more serious legal troubles than it previously disclosed. The stock closed 5.77 percent down for the day.
By Matthew Goldstein
The $425 billion in home equity loans and other second mortgages sitting on the balance sheet of the four biggest U.S. commercial banks is the big gorilla in the room that no one wants to talk about. (See our latest special report here.)