JPMorgan pulls back from mortgage lending on foreclosure worries

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JPMorgan pulls back from mortgage lending on foreclosure worries

JPMorgan pulls back from mortgage lending on foreclosure worries

Pulling away from sub-prime lending…the same lending that got these idiots into trouble in the first place and our asses rescuing them every-time. Folks, this is a good thing!


REUTERS-

JPMorgan Chase & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees.

The shift reflects a change in the way JPMorgan runs its mortgage business: while it used to regard collateral and U.S. government lending programs as key backstops to most of its loans, it now pays closer attention to the credit quality of borrowers. The bank wants to reduce the chances of having to foreclose on a loan, because it’s bad business.

“The cost to take a customer through the foreclosure process is just astronomical now,” Kevin Watters, chief executive of JPMorgan Chase’s residential mortgage banking business in New York, told Reuters in an interview.

[REUTERS]

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One Response to “JPMorgan pulls back from mortgage lending on foreclosure worries”

  1. l snider says:

    Chase recently lost the Chasemdlsettlement and for the plaintiffs involved, the ones that have survived all of Chases shenanigans are supposed to be given new opportunities to modify their loans and continue to stay in their homes, but Chase is not honoring the terms of the settlement and have revved up the foreclosure process of some of the members of the class action so they will not have to live up to the terms of the settlement agreement. How do we get the local courts to comply with the terms of this federal settlement.

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