Calclulated Risk has put up a transcript of a portion of JP Morgan's quarterly conference call with investors regarding what has become known as the "foreclosure mess."

In short:

• JP Morgan admits that documents were signed without the signer having personal knowledge of the facts they were attesting to
• They admit that documents were not properly notarized
• Other JP Morgan employees did review the relevant information the went into the documents and so "the underlying stuff is all accurate"
• They will go through the files one by one and correct problems and deficiencies
• This process will take "several weeks"
• They hope to resume the halted foreclosures as files get corrected, but are working with state Attorney Generals on the timing and particulars.
• Approximately 115,000 loan files could be affected

"Several weeks" of delays in foreclosures in order to get at least a modicum of respect for the rule of law in the foreclosure process sounds like a good outcome of all this to me.  We will have to see how things progress.