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JP Morgan to restrict lending practices
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JP Morgan has decided to restrict its lending when it comes to less creditworthy borrowers because the risk of foreclosure has become so cost-prohibitive that it doesn’t make financial sense for the second-biggest U.S. mortgage lender, a JP Morgan executive told Reuters July 15.
Increasing federal, state and local standards have made it difficult for banks to recoup significant money on foreclosed-upon properties.
In addition, according to data from RealtyTrac, the time it takes to foreclose on a home has jumped from an average of 120 days at the beginning of 2007 to 572 days in the first quarter of this year.
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