Wednesday, November 17, 2010

JPMorgan: Put Mortgage Holders Back in the Cage

Reuters reports:
JPMorgan Chase & Co's (JPM.N) chief financial officer on Wednesday joined a growing chorus of industry executives calling for a speedy resolution of the probes into the industry's foreclosure practices as a settlement may be on the horizon.

"We work very hard with our regulators to come to the right answer and we hope to do that quickly as well," said JPMorgan CFO Doug Braunstein, speaking at the Bank of America Merrill Lynch financial services conference.
Translation: We hardly have any paperwork when we financed these nutty mortgages. If we have to fight these mortgage holders legitimately in court, we're screwed. Instead, let's do a universal settlement for micro-pennies on the dollar and put the mortgage holders back in their cages.

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