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