Mar 06

Nice that Chase has foreclosure.com Are they trying to tell you something.

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Chase
Highlights from JPMorgan Chase’s ongoing efforts to improve our economy’s health. … Please contact us if you need assistance with your Chase accounts. …
http://www.foreclosure.com

Feb 26

Dimon Decries Washington?s Treatment of Banks

Jamie Dimon, the chief executive of JPMorgan Chase, says he believes Washington has become increasingly erratic and unfair in its treatment of the banks over the last few months, and he now has some regrets about participating in the government?s Troubled Asset Relief Program.
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?F.D.I.C. is going to cost us a lot of money. TARP cost us a lot of money. This bank tax, my first reaction was, ?That will cost us a lot of money,?? Mr. Dimon said Thursday at the bank?s annual Investor Day conference in New York. ?I think we are getting into the capricious, arbitrary and punitive behavior.?

Mr. Dimon said he did not know whether he would have taken the $25 billion that the government lent to JPMorgan during the 2008 financial crisis to bolster its capital if he knew then how troublesome the TARP money would be for the bank.

?The mistake was we let the government and the politicians not differentiate between irresponsible companies and prudent companies, from irresponsible, imprudent, and everybody got lumped together in the same boat,? Mr. Dimon said ?Yes, a lot of those companies needed TARP to survive, and yes, a lot did not.?

Mr. Dimon has expressed some of these complaints before. During JPMorgan?s earnings conference call in January, he said it was unfair that the big banks would be the only ones forced to pay the Obama administration?s proposed bank tax to ensure that all the TARP money is repaid.

Mr. Dimon said Thursday at the Investor Day conference that he supported certain new regulations to secure the financial system, but not all of them. He said JPMorgan had always supported the creation of a systemic risk regulator, which would be controlled by the Federal Reserve, to monitor the largest and most interconnected banks in the nation.

He disagreed with one proposal to create a separate agency devoted to consumer protection, which would regulate a whole host of activities from mortgages to credit cards.

?We want better consumer protection; we just don?t want a new agency. We think it should be done by the O.C.C. and the Fed,? Mr. Dimon said, referring to the Office of the Comptroller of the Currency.

?Yes, you can say they didn?t do a great job, but they are professional people,? he said. The elegant solution is for Congress to tell them do a better job.?

Mr. Dimon may get his wish, thanks to some persuasive lobbyists in Washington. Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate Banking Committee, said last month that he might drop demands for a new agency after pushing for its creation.

Thursday was certainly a day for JPMorgan to express its concerns about regulatory changes in Washington. Earlier in the day, James E. Staley, the bank?s investment banking chief, acknowledged that regulatory changes being considered in Congress had influenced the bank?s acquisition strategy.

? Cyrus Sanati

Feb 19

Obama to tout housing help Friday in Las Vegas

LAS VEGAS – President Barack Obama is unveiling $1.5 billion in housing help, a boost timed to his appearance in the city with the worst foreclosure crisis in the nation.

Click to enlarge
President Barack Obama salutes during his arrival at McCarran International Airport in Las Vegas, Thursday, Feb. 18, 2010. (AP Photo/Pablo Martinez Monsivais)

Obama’s move, detailed by aides in advance of his town hall here Friday, is the latest by a White House determined to show it is helping families rebound from a deep recession. The downturn is taking an election-year toll on Obama’s party as voter frustration builds.

Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion to help spur local solutions to the problem. Those five are Arizona, California, Florida, Michigan and Nevada.

The policy wrinkle comes during a two-day Western trip with different agendas for the president. He will be back in town-hall mode, a venue that aides say allows him to connect with people and distance himself from the messy process of Washington governing.

The president is also out to help vulnerable senators protect their seats and, in turn, gain as much legislative leverage as he can.

At the town hall and a business speech he will be lending his support to Senate Majority Leader Harry Reid of Nevada, a top 2010 election target of Republicans.

Obama’s political involvement comes as the Democrats’ command of the Senate grows shakier, jeopardizing the president’s agenda. The tide of change that Obama rode to office is threatening to slam against his own party.

The first day of the trip was all politics. Obama campaigned Thursday for Sen. Michael Bennet of Colorado in Denver, then held a $1 million fundraiser for Democrats in Las Vegas. Reid is one of Obama’s allies, despite a flap over the president’s tendency to refer to Las Vegas as a symbol of imprudent spending, which has the city’s mayor fuming at the president.

For Obama, slowing the foreclosure rate is a key step in the recovery of the overall economy. Millions of people have lost their homes because they couldn’t afford the mortgages anymore, and millions lost jobs because of the associated slowdown in new home building.

Reid’s state leads the nation in home foreclosures; Las Vegas was the metro area with the highest foreclosure rate in January, with one in every 82 homes receiving such a filing.

The money for the new rescue effort will come from the $700 billion financial industry bailout program, according to a senior administration official who spoke anonymously Thursday night because the formal announcement had not been made.

Economic issues, such as unemployment or reduced income, are expected to be the main catalysts for foreclosures this year. Initially, subprime mortgages were mostly the culprit, but homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

Obama will cap his Las Vegas trip with a speech to the city’s Chamber of Commerce before returning to Washington later Friday.

Associated Press writers Darlene Superville and Adrian Sainz contributed to this report.

Dec 09

“will not file the documents,” Jamie Dimon,

Take you hands away from your eyes Mr. Dimon.

Mortgage industry executives say homeowners simply are not complying with the program’s requirements, despite their best efforts to reach out. Homeowners “will not file the documents,” Jamie Dimon, JPMorgan Chase & Co.’s CEO, said this week. “We need the documents. We are trying to simplify it.”

There are so many storys of people sending paperwork into Chase and Chase will lose it. Mr. Dimon only blames the home owner and never his company. Chase has lost my paper over 4 times in last year.

Nov 23

Dimon Of JPMorgan Chase (JPM) May Be The Next Treasury Secretary

The New York Post says that Jamie Dimon, CEO of JPMorgan Chase (NYSE: JPM) may succeed Timothy Geithner as the next Treasury Secretary.

Dimon?s skills in pulling up JPMorgan Chase through the recession are a great positive for him. Dimon?s help in rescuing Bear Stearns and Washington Mutual, Inc.(OTC: WAMUQ) was also appreciated by the administration.

Although it is not out of troubles just yet, JPMorgan is currently reckoned to be one of the strongest banks in the US. Dimon’s reluctance to write fat bonuses to JPMorgan?s staff or to attract newer talent also seems to vouch well for him. Even the timing seems to be right. Recently, Dimon has initiated a succession plan. On his part, Dimon has not exhibited any outward interest for that coveted job.

Oct 26

Bailed-Out Chase CEO Dimon:

But he took a tough attitude towards home owners behind on their payments:
“I don’t think just because someone’s underwater they say I don’t have to stay there. But they’re supposed to pay the mortgage, and we should teach the American people, you’re supposed to meet your obligations, not run from them. Because you have a mortgage doesn’t mean you should run away as it goes down.”

Read more at: http://www.huffingtonpost.com/2009/02/19/bailed-out-chase-ceo-dimo_n_168121.html

Oct 26

Sierra Club Calls Out JPMorgan Chase CEO Jamie Dimon

Environmentalists like to blast “Big Coal” or “Big Oil” but they too rarely call out polluters by name. Sierra Club bucked the trend today with a new video that fingers JPMorgan Chase CEO Jamie Dimon as a man who promised to “walk the talk” on energy and the environmental, but who actually heads a bank that bankrolls the dirtiest industry in the world–coal.

JPMorgan Chase underwrites:

–Massey Energy, headed by another big polluter, Don Blankenship. Massey is behind much of the mountaintop removal coal mining done in this country and has used strong-arm tactics in defense of their business including assaulting anti-coal activists.

–New coal plants developed by American Municipal Power, Alliant
Energy and a subsidiary of American Electric Power.

The Sierra Club says that they’ll be asking people to contact Jamie Dimon “to ask him to live up to his rhetoric and stop financing devastating and risky coal projects.” On their web site there doesn’t appear to be a “take action” section for this campaign, but there are several great tools to keep track of coal. There’s the mountaintop removal permit tracker and the proposed coal plant tracker–both are useful and scary.