I think we missed this one as well…
From Credit Slips…
The Loving and Merciful Act of Foreclosure
Posted by Adam Levitin
I missed this howler from a few months ago, but it’s so outrageous that I’ve got to comment on it, even thought it’s stale. I’m amazed that this didn’t get much more press. In the course of a CNBC interview (full show here, foreclosure discussion runs from 4:07 to 5:23), JPMChase CEO Jamie Dimon stated that:
“Giving debt relief to people that really need it, that’s what foreclosure is.”
As he explained:
“[Homeowners] are probably better off going somewhere else, becuase they get releived almost 100% of the debt through foreclosure.”
Check out the rest of Adam’s post here…
And be sure to check out the video starting at 4:07…
~
If foreclosure is debt relief and a good thing, then why is it so bad to ask for it (so-called strategic default)?
You make an excellent point, love to hear his answer for THAT one!!! I can’t even think of a BS answer he COULD give for that, but guess I don’t have a F*^&% up mind to think the way he does.
Methinks the definition of “strategic default” needs to be expanded to include servicers telling homeowners to not make payments for 90 days before receiving assistance / modification.
Does it get any more strategic than that?
Here is a great link to share with everyone that you can:. http://www.lesleopold.com/
OH, like Chase is ADMITTING their fraud and making it up to those they defrauded?!?!?!?! And made it up to all the people they violated due process & equal protection, and violated these people’s RIGHTS. YEA, right, how many have gone to jail from their company and how much REAL fines of billions of dollars have they paid out – oh, right, zero to both questions. So how are they admitting anything and “making it up to people”, because from where I am sitting, he is nothing more than a big liar!!!!!
This sociopath Jamie Dimon’s is an !@#$%^& !!!!!!
All they want is the CREDIT DEFAULT SWAP INSURANCE from the DIABOLICAL and MANIACAL CRIMINALS AT AIG, so they can pay each other GIANT BON– USES. They do not even want these homes, they are abandoning them after collecting the Swaps Insurance. Dimon and all the rest really need a long ass-ramming in prison for robbing America blind and they still are. STOP THE FRAUDCLOSURES, THEY ARE BANKRUPTING AMERICA. WHEN PEOPLE ARE NOT PAYING PROPERTY TAX AND MAINTAINING THESE HOMES, THAT EQUALS BANKRUPT CITIES, COUNTIES AND STATES. THERE IS NO MONEY TO PAY TEACHERS, POLICEMAN, FIREMAN, TAKE CARE OF ROADS. THE AMERICAN PEOPLE CANNOT KEEP MAKING UP THE SLACK FOR ALL OF THE MISSING REVENUE THROUGH FRAUDCLOSURES VIA HYPER-INFLATION. THAT DEBT THEY ARE CREATING FOR THE STATES IS UNSUSTAINABLE.
Governor Pat Quinn passed a 67% tax increase in the State of Ilinois. No wonder he was against the house passing conceal and carry into law in Illinois. The bill lost the vote in the House yesterday. Illinois has the highest gas prices in the continental U.S. The American people are sick and tired of paying for all of the rampant fraud and corruption.
Amen!
Yeah, I saw this yesterday on Naked Capitalism…I’m speechless at sociopath Dimon’s hubris.
http://www.nakedcapitalism.com/2011/05/jamie-dimon-says-banks-are-being-nice-to-you-when-they-take-your-house.html