Word: chases
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Even though the program is voluntary, there are early signs that it might be the kick in the pants needed to get servicers to more aggressively rewrite loans. At a mortgage bankers' conference in Tampa, Fla., on Wednesday, servicers praised the incentive structure, and Jamie Dimon, CEO of JPMorgan Chase, went on CNBC to say he thought the plan would "lead to a lot more modifications." An earlier effort to spark loan rewrites proved to be a flop, but the Administration thinks this new program could reach 3 million to 4 million homeowners. The plan also includes an endorsement...
...JPMorgan Chase Loan losses: JPMorgan largely avoided the troubled subprime-lending game. Not so Washington Mutual, which JPMorgan acquired in 2008 in an FDIC-brokered deal. With housing prices still falling, many of those WaMu loans are going unpaid. JPMorgan has $105 billion in credit card loans, which could cost the company some $18 billion. And there is an additional $262 billion in corporate and commercial loans, which, according to Roubini, could tally $26 billion more in red ink. All told, it's a $97 billion loss for JPMorgan...
...Which is just what their constituents in Maine like and expect from their Senators. The state has a tradition of flinty Yankee independence that dates back to another Republican Senator, Margaret Chase Smith, who in 1950 issued her famous Declaration of Conscience against McCarthyism - with Senator Joe McCarthy sitting only three seats behind her in the chamber. Maine doesn't bend easily to the prevailing political winds. Locals take a perverse pride in the fact that no other state has voted more consistently for the loser in modern presidential elections. And while they voted for Obama last fall...
...meantime, the discussion has turned to ways to encourage lenders and servicers to modify their own loans. Most, if not all, firms are already doing this, and some, such as JP Morgan Chase, have announced major new efforts, since it is generally in a lender's best interest to keep borrowers in their homes, even if they're paying less. Foreclosure is such a costly process, a lender might easily only recoup half of what it's owed. In August, the Federal Deposit Insurance Corporation instituted an aggressive loan-modification effort at the failed IndyMac Bank, and that program...
...President Obama recognized the real risk here: some very good bankers might not want to work for maximum-wage pay and could bolt their TARP-constrained companies. Why, for instance, would JPMorgan Chase CEO Jamie Dimon, perhaps the most astute operator in banking, want to labor for a measly 500 large to run a company with $2.2 trillion in assets...