NEW YORK, Oct 17 (Reuters) JPMorgan Chase&Co Inc on Wednesday said it expects significantly higher losses on home equity loans amid slumping U.S. housing prices and escalating mortgage payment delinquencies.
JPMorgan Chief Financial Officer Mike Cavanagh said quarterly losses on home equity loans could climb as high as 0 million.
That's higher than the company's previous quarterly estimate of 0 million to 0 million Cavanagh, who made his remarks on a conference call, said the losses have forced the company to set aside more money for losses.
JPMorgan has responded to higher losses by tightening underwriting standards on loans.
''I think it's the sixth time in the course of the recent quarters of tightening up of underwriting standards across the consumer lending books,'' Cavanagh said.
(Reporting by Tim McLaughlin, editing by Gerald E. McCormick) REUTERS SI BD1945