JPMorgan Chase suspends certain foreclosure cases

JPMorgan Chase is suspending certain foreclosures as it reviews the legitimacy of certain affidavits in those cases.

The bank is the second major company to take such action this month, underscoring a growing legal problem for servicers and lenders.

JPMorgan spokesman Tom Kelly said Wednesday that employees signed some affidavits about loan documents without personally verifying the files. These affidavits identify who holds the original mortgage note in foreclosure cases.

Kelly said JPMorgan believes the information in the affidavits is accurate, and that the affidavits were prepared by “appropriate personnel.”

The bank asked judges to not enter judgments against homeowners facing foreclosure until the review is done. It expects the process to take a few weeks. 

Boeing 747-8 may face another charge, delay

Boeing, whose engineers are redesigning a part on the new 747-8 jumbo jet, may announce a fourth financial charge for the aircraft and another delay that could make it almost two years late.

That announcement may include a delay of another three months to 10 months for a plane that’s more than a year behind, nine analysts said in a Bloomberg survey. Eight of the analysts also anticipate a charge ranging from $100 million to $1 billion, on top of the $2.04 billion in charges already taken.

The Chicago-based company is completing the 747-8’s schedule as it continues to work through two of several issues that came up in flight testing, and it plans to update customers and investors soon, Boeing Commercial Airplanes President Jim Albaugh said in an interview. 

BP’s incoming CEO takes steps to repair reputation

BP’s incoming CEO fired the executive responsible for deep-water wells like the one that blew out in the Gulf of Mexico and announced a new unit to police safety throughout the company.

Bob Dudley took the steps Wednesday to start work on repairing the company’s battered reputation, two days before officially taking over as CEO from Tony Hayward.

Dudley said Andy Inglis, BP’s chief executive for exploration and production, would be standing down and his divisions would be broken up into three parts. 

Retiring Wal-Mart CFO to be replaced by treasurer

Wal-Mart Stores Inc. Chief Financial Officer Tom Schoewe is retiring, the retailer announced Wednesday, and it has promoted Charles Holley to replace him.

Schoewe’s retirement is the latest in a series of changes in the executive ranks at the world’s largest retailer, which is trying to turn around sluggish U.S. sales fueled by a tough economy and merchandising problems.

Schoewe joined Wal-Mart 10 years ago and told the company’s board last week he plans to retire.

Holley, 54, joined Wal-Mart in 1994 and is executive vice president of finance and treasurer.