Friday, November 7, 2014
http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106 I normally do not repost articles, but the above article gives some in depth information about the information that JPMorgan Chase's management was telling Congress. While the article has little to do with Homeowners Facing Foreclosure, it does demonstrate the depth to which Lenders will go to seek profits. JPMorgan Chase's management was also before a Congressional hearing discussing loan modifications and the moral hazard of principle reductions. First, how "moral" does this guy appear now? Second, the "principle" that would have been reduced is simply recapitalized late fees, interest, legal fees, inspection fees, forced placed insurance fees. Suddenly, the "moral" hazard disappeared when JPMorgan Chase could use these accounting gimmics of "consumer assistance" to obtain huge credits towards the fines that were imposed.