He called it an “egregious mistake”. He claims he want to get rid of “Too Big To Fail”, and that he supported “portions” of the Dodd-Frank rule.
It might be one of the best acting performances I’ve seen all year. I think his chances of taking home an Oscar are all but guaranteed.
Maybe he had David Gregory fooled, (The NBC host’s lack of tough follow-up questions would seem to indicate it) but I am not buying it.
The reality is had JP Morgan not lobbied so hard against Dodd-Frank, and paid the lobbyists as much as they did, Dodd-Frank would have been much, much tougher, and Dimon would have $2 billion more in his coiffures.
It’s irony in its purest form.
This loss, which came on some very risky trades, is a perfect symbol of Wall Street’s hubris and greed. And it just goes to show you that the big banks have learned nothing from the crisis of years past.
And neither has Dimon. His apology on Meet The Press was the vocal equivalent of crocodile tears. He is another Chameleon, another Two-Face, putting on a public show for the masses, while privately lambasting anyone who is really looking to end “Too Big To Fail” when he thinks we are not paying attention. (more…)
How else can you explain your half-hearted apology over JP Morgan’spart in the robosigning scandal?
The CEO of JP Morgan Chase made some efforts towards reconciliation in his annual letter to shareholders, which is now out for all to see.
But it’s clear that Jamie Dimon is still delusional and suffers a full blown case of pass-the-buck disease, for which, apparently, there is no cure.
In the section titled “The Mortgage Business — The Good, The Bad and The Ugly”(He should have just left out the first two) Dimon admits to JP Morgan Chase’s shareholders that his companies ‘servicing operations left a lot to be desired’
He adds his company ‘made too many mistakes’ and that the it was ‘not our finest hour’.
What’s sarcasm!
Let’s be honest, it was your worst hour and your lasting legacy.
Here’s the problem Mr. Dimon. You didn’t just make a mistake. If I forget to buy milk on the way home, that’s a mistake. Your company, your officers and your top executives all suborned fraud forgery and perjury, all federal crimes.
Robosigning was more that just, as you put it, ‘paperwork errors’.
Everyone from the tippy-top of your company on down, encouraged this kind of illegal activity to happen, in fact it became part of the operating procedures of your company! You just farmed it out.
Why not just own up to the homeowners, the taxpayers and your shareholders. You’ve been caught with your hand in the cookie jar, I can still see the bruise. (more…)
Mortgage Rates Set Fresh 2011 Low After Jobs Report
Fixed rate home mortgage loans dropped for the eighth straight week to a new low for 2011 amid concerns of another economic slowdown this year, according to data from Freddie Mac and a report by The Wall Street Journal.
The 30-year fixed-rate mortgage averaged 4.49%, down from 4.55% last week and 2010’s 4.72% average. Rates on 15-year fixed-rate mortgages fell from 3.74% to 3.68%. 15-year fixed-rate mortgages averaged 4.17% in 2010.
Lawyers Get More Time to Finish Foreclosures
Florida foreclosure defense is translating into more time for plantiff bank attorneys to complete a foreclosure, according to an article in the Palm Beach Post.
Due to the reality of Florida’s overloaded court system and swirling questions surrounding the validity of foreclosure paperwork, Fannie Mae is now allowing bank attorneys up to 450 days (about 15 months) for lawyers to complete a foreclosure before fines are levied. The previous time limit was 185 days, or about six months.
The increased time needed to complete a foreclosure legally and correctly against a homeowner is due in large part to Florida foreclosure defense attorneys working to protect the rights of South Florida homeowners, according to Roy Oppenheim.
Obama Blames Wells Fargo, Bank of America, Chase for Modification Failures
The three largest U.S. mortgage lenders are getting some heat from the Obama administration for the failures of the federal foreclosure-prevention program, according to The Associated Press.
The lackluster performance of Wells Fargo, Bank of America and Chase with helping homeowners lower their mortgage payments has led the Obama administration to remove financial incentives it had given these lenders. (more…)
The foreclosure “walk of shame” happens to the best of us; even the Mortgage Banker’s Association (MBA). When Roy Oppenheim received a call from the producers of The Daily Show with Jon Stewart; he knew this was not the typical call from a distressed homeowner facing foreclosure. This was about a topic Oppenheim had shared on his blog months ago. The Daily Show news team was sniffing out a story of satire and realism, piecing together the irony of The Mortgage Banker’s Association’s Strategic Default.
Homeowners are walking away from mortgages even when they can afford to pay, and so is the MBA. Yes, the MBA walked away from its headquarters, a $79 million building they purchased three years ago in Washington D.C.
Humpty Dumpty sat on the wall.
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men.
Couldn’t put Humpty Dumpty back together again.
Most Americans, including some lawyers and even judges don’t understand what happened. Yes, it is complex and confusing. But at the end it’s real simple.
In the old days, a bank would lend a homeowner money to buy a house. The homeowner would sign a promissory note promising to pay the money back to the bank. The homeowner also signed a mortgage, giving the bank the right to foreclose and take the house back if the homeowner did not pay back the money.
Mortgage Follows the Note
Lawyers and judges grew up with the legal doctrine that the “mortgage follows the Note.” Simply put, if the note was transferred from one bank to another the mortgage would follow the transfer.
But that was then, this is now.
At some point, the folks who brought you this mess (i.e. overly ambitious bankers on Wall Street) had the “great idea” of slicing and dicing the interest of the Note and literally severing it from the Mortgage. Why this was done was actually for a matter of convenience, expediency, and, arguably, greed. Such motivations for now are secondary to the crisis we are experiencing.
Humpty Dumpty = Mortgage and the Note
But this is clear: If you think of Humpty Dumpty as the Mortgage and Note, and you break it apart (as what occurred on Wall Street), when the Notes were broken into pieces and the mortgages were assigned to Mortgage Electronic Recording System (MERS), the fact is that it may well be nearly impossible to bring the mortgages and their corresponding Notes all back together again. Plain and simple! (more…)
The banks “supporting” documents for foreclosure actions are now being investigated.
The question is: Are the banks playing by the rules? Not banks like GMAC, JPMorgan Chase and soon to be a list of others.
Roy Oppenheim of Oppenheim Law says the three Florida foreclosure stories on this investigative report by CBS4 Stephen Stock are the rule rather than the exception. There seems to be a disconnect with the banks and some are calling it FRAUD.
“This is the tip of a very ugly iceberg and the banking ship is now sinking,” says Oppenheim.
Oppenheim continues to help Florida homeowners learn more about developing stories concerning bank fraud and will focus on this subject in his monthly foreclosure defense workshop on Wednesday October 6 at 6pm. The full CBS story is live on the Roy Oppenheim YouTube Channel.
Maybe its is just me, but what I am seeing over and over again during these turbulent economic times is a general sense ofa lack of personal responsibility. It is truly becoming a sign of the times and until we figure out how to properly correct it, our very foundation will be continuously questioned if not threatened.
The examples are now running amuck.
AIDS at the VA
First we hear this pastweek about the VA literally spreading AIDS in a VA hospital in Miami and elsewhere by not properly cleaning certain “sensitive” equipment used in colonoscopies. Hello!! Are they STUPID? Would we ever hear of such an idiotic situation at a private facility where the Dr. and his partners would lose their license and be sued to the moon if this happened? No! Of course not, but at the VA no one will ever be held personally accountable.
In fact if the person who received AIDS is still on active duty he may not even be allowed to sue the VA. But even if the innocent victims do sue, who will actually be paying the damages: you and me the taxpayer. Not the manager of the facility, or the person responsible for cleaning the tubes. Certainly the President won’t ask the Secretary of the VA to step down because it wasn’t “his fault.” Well whose fault was it is the real question and how do we create a system that prevents these kinds of unbelievable mistakes? I am not sure but the list continues.
