Jamie Dimon’s Annual Letter to Shareholders “We made too many mistakes.”

JPMorgan CEO on housing: We made too many mistakes

In a letter to shareholders Chief Executive Jamie Dimon admits that his bank contributed to the collapse of the American housing industry, but says that progress is being made to rectify the errors.

“We were one of the better actors in this situation — but not good enough,” Dimon says. “We made too many mistakes.”

Dimon tells shareholders that his bank participated in the disaster by originating mortgages that wouldn’t have been given a decade earlier (“and won’t be given a decade later”). When delinquencies and foreclosures grew dramatically, his bank was “ill-prepared operationally to deal with the extraordinary volume of troubled mortgages and upset borrowers.”

“Our servicing operations left a lot to be desired,” he adds. “There were too many paperwork errors, including affidavits that were improperly signed because the signers did not have personal knowledge about what was in the affidavits but, instead, relied on the company’s processes. However, the information in the affidavits was largely accurate – i.e., the borrower, in fact, was in default, we did have the mortgage and so on.”

Rest here…

Copy of the letter below…

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4closureFraud.org

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Annual Letter to Shareholders

JPMorgan CEO on housing: We made too many mistakes

In a letter to shareholders Chief Executive Jamie Dimon admits that his bank contributed to the collapse of the American housing industry, but says that progress is being made to rectify the errors.

“We were one of the better actors in this situation — but not good enough,” Dimon says. “We made too many mistakes.”

Dimon tells shareholders that his bank participated in the disaster by originating mortgages that wouldn’t have been given a decade earlier (“and won’t be given a decade later”). When delinquencies and foreclosures grew dramatically, his bank was “ill-prepared operationally to deal with the extraordinary volume of troubled mortgages and upset borrowers.”

“Our servicing operations left a lot to be desired,” he adds. “There were too many paperwork errors, including affidavits that were improperly signed because the signers did not have personal knowledge about what was in the affidavits but, instead, relied on the company’s processes. However, the information in the affidavits was largely accurate – i.e., the borrower, in fact, was in default, we did have the mortgage and so on.”

Rest here…

Copy of the letter below…

~

4closureFraud.org

~

Annual Letter to Shareholders

Comments
10 Responses to “Jamie Dimon’s Annual Letter to Shareholders “We made too many mistakes.””
  1. Charles Fetters says:

    I’ve always wondered why the media fails to mention the fact that it wasn’t the homeowners worldwide that plotted to defraud the banks and lending institutions.When, where,and how did we arrange to contact one another to perform a crisis of this magnitude?
    It was the Mortgage Bankers Association of America that published the “White papers” now known as MERS, which consisted of members of Freddie and Fannie along with the major banks and title companies. This was done in 1993. Then Paul Mullings former CEO of Freddie and Fannie, became CEO of MERS on Nov 1. 1996. Then the crisis started. Someone needs to tell Jamie Dimon his line of bull is just that to the investors.

  2. “We made too many mistakes.” WTF? really? they keep doing them ! nothing has change !

  3. keepon says:

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

    https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

    “Senator Demands Answers from Freddie Mac’s Regulator” ( Acting Director Edward DeMarco)
    http://www.propublica.org/article/senator-demands-answers-from-freddie-macs-regulator

    ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

    Questions the senator put to the regulator, the Federal Housing Finance Agency, include why Freddie made the deals in the first place, when the FHFA learned of the trades, what role, if any, the FHFA played in them, and what the FHFA plans to do about the billions of dollars worth of deals Freddie still has on its books.

  4. Fed up says:

    Jamie Dimon your disgusting you turn my stomach stop the BS You know exactly what was going on.
    You did not make mistakes what you did is up there with horrific crimes against humanity and treason.
    YOU sir belong in jail with all your rapist flunkies and facilitators.
    When ever I see or hear the name Jamie Dimion I automatically think… SYPHILIS.

  5. Wow, His view of the crisis is “We were one of the better actors in this situation” Let me see what the definition of an actor is, “a person who puts on a false manner in order to deceive others” This sounds all too familiar, but now they want to rub more salt into our wounds so to speak. So what happens when spectators/audiences realize it was a bad act???

    • talktotennessee says:

      They call that “SPIN.” Jamie’s company is moving like mercury to foreclose and remove people from homes nationwide without modifying! He knows his comments reach the public and his pseudo contrition will be seen as sympathetic! NOT! Like others, modifying is not in the picture now that they have immunity and a settlement. They are making a “killing” on servicing and fleecing both investors and homeowners as they gut the market for their greed.

  6. woeisme says:

    Dear Shareholders,
    One look at our properties in New York state, clogging up the judicial process due to systemic and outright fraud, will provide you with a glimpse into our mistakes at JP Morgan Chase. We tried very hard to foreclose on the Washington Mutual properties, even though we own/possess nothing, but darn it, we kept getting caught filing fraud with the county clerks.
    Now, we’re paying borrowers in short sales $20-$30k so that we can get these houses back (and, sorry about the rock bottom pricing that we’re wiling to accept), but hey- you’d have less than nothing were we to follow the law, so the means are worth the ends. Yes, the public hates us, but that seems like a small price to pay, and who cares- going forward, we’ll be more careful in covering our tracks.
    Hugs and Kisses,
    Jamie

  7. I have read way too much about Mr. Dimon to believe anything he says.

  8. …anything to pacify the press.

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