Wednesday, October 15, 2008

It's Not A Frozen Credit Market, It's A Sane, Getting Back To Basics, Credit Market

JPMorganChase Chairman Jamie Dimon on a conference call yesterday:

The [mortgage] origination business, and I think it's true for a lot of people in the industry, ...people have gone back to old fashioned 80% LTV, real verified income, more disciplined appraisals, and then in some areas they won't even go to 85% LTV because of expected home decreases so we are not at 85% in California, Nevada, or Florida we're at 65. So that's why it's down. I think it's true for us and everybody else.

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