Word: jpmorgan
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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...
...Capital cushion: JPMorgan has $23 billion in its rainy-day fund for such losses. Not enough. Shareholders' equity will drop to $121 billion, from the current $167 billion...
...That process has been delayed and may never happen. Motorola lost $3.6 billion in the fourth quarter of last year. For that quarter, revenue from the company's handset unit dropped by over half Several members of the Motorola board have run other huge firms including Deutsche Telekom and JPMorgan. But, the company still has two CEOs and has not explained to shareholders why its cellular phone unit will never be worth a dime...
...harder to defend having entertainment, medical products, and jet aircraft manufacturing under the same roof with several risky financial services units. While the company's CEO has defended that point of view, it is hard to imagine why the board has supported the strategy. The former head of JPMorgan sits on the GE board along with the former CEOs of Johnson & Johnson (JNJ) and P&G (PG). It would be interesting to ask them how they would have fared at their companies with shares down...