JPMorgan assigns Bisignano to home lending-memo

NEW YORK Feb 11 (Reuters) - JPMorgan Chase & Co (JPM.N) has named a new head of its home lending business as it seeks to overcome persistent problems with its mortgage operations.

Frank Bisignano, 51, responsible for managing the bank's technology, operations, real estate and general services as its chief administrative officer, is taking on additional responsibility for the bank's home lending unit, the bank said on Friday in an internal memo obtained by Reuters.

According to the memo, Dave Lowman, the unit's chief executive, will report to Bisignano effective immediately. Bisignano will continue to report to JPMorgan's CEO Jamie Dimon in his role as chief administrative officer and to Charlie Scharf, head of Retail Financial Services, on home lending.

"As you know, our Home Lending business has gone through a period of enormous challenge and change," Dimon and Scharf said in the memo, which they signed.

"We recognize how much we've accomplished, but know we still have a great deal of work ahead of us," they wrote, citing the credit crisis, legacy WaMu loans and the Bear Stearns EMC merger.

JPMorgan has been working its way through mortgages acquired through its acquisition of Bear Stearns in the early days of the credit crisis and Washington Mutual late in 2008.

Its efforts have lately been stymied as it and other banks contend with allegations of improper home foreclosures.

Attorneys general in all 50 U.S. states and bank regulators are investigating whether lenders rushed through foreclosures and evicted borrowers from their homes using so-called robo-signers, without properly checking documents.

Several lawsuits have been filed against banks, which could face fines or be forced to repurchase loans at the expense of corporate profits. [ID:nN25274744]

Bisignano, known as a problem solver, helped with negotiations around JPMorgan's Canary Wharf property in London while battling throat cancer. He also helped Citi find office space for its employees after the Sept. 11 terrorist attacks in New York City.

Bisignano, who joined JPMorgan in 2005, formerly was chief executive officer of Citigroup Inc's (C.N) Global Transaction Services unit. He also served as chief administrative officer of Citi's Global Corporate and Investment Bank. He has known Dimon for nearly two decades, and worked with him at Citi's Smith Barney brokerage unit.