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JP Morgan’s Dimon: Prime Mortgages Look Terrible

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In a move the stock market greeted with considerable cheer, JP Morgan announced that it was widening its program to modify mortgages. From the New York Times: JPMorgan Chase became the latest big bank to pledge to cut monthly payments, by lowering interest rates and temporarily reducing loan balances for as many as 400,000 homeowners.

In a surprisingly short conference call with analysts, Dimon suggested that losses in JP Morgan’s prime mortgage book could triple in the foreseeable future as the credit mess moves out of subprime and into Alt-A and jumbo loans. "prime looks terrible," he told analysts on the call.

 · For example, last week on Ransom Notes Radio, it was revealed that JP Morgan’s Chairman Jamie Dimon had resigned from his position as chairman at the banking unit Chase at the suggestion of the.

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Going back to old trading standards would likely gin the operations of America’s largest banks such as Cohn’s former employer Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley. the vast.

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Dimon followed that up by going into how well JP Morgan did last year. Losses were due to mortgage issues but earnings power should grow over time (in the midst of volatility of course).

"JPMorgan, where Madoff kept his major bank accounts and which profited handsomely off its relationship in numerous ways, knew Madoff was crooked. Bank executives had him figured out. early,".