Chase Home finance has bizarre policies. For example: if a homeowner get behind in his payments as many are right now, Chase REFUSES to accept ANY payment except the FULL amount due. I have discussed this with some bankers and they have said this is bizzare and when there was a RE crisis in their area a few years ago, they would accept ANY payment, interest only, partial payment, ANYTHING to avoid foreclosure losses. It seems that Chase WANTS people to default and foreclose. NO WONDER they have got problems.
Also I had previously visited three or four different branches around my city and I got to know most everyone in the branches and they knew me. I had not been to a branch in six months and now... NO ONE is the same and there is definitely a MAJOR change in the negative.
I work in the mortgage servicing industry and it is common practice for the collectors not to accept any partial payments. The servicer can accept them once the loan is in the loss mitigation area, but not in collections. Any partial payments in collections would be placed in suspense.
Jamie Dimon is known to be a very cautious risk taker. Why do you insist that JPM will have a ton of mortgage loses when you don't have the numbers to support your "thoughts". THink again why JPM is the Last Bank Standing...why does the Street choose Jamie Dimon as the best bank CEO in the country? Why has he been marked as the only CEO able to revive Citicorp? You would be ahead of the game if you invested in JPM. There is a lot of future growth potential.
GS expects JPM to writedown $3.4 billion in the 4th quarter. This is the last financial that hasn't been pummeled. An easy short IMO.
Amazing how all the cheerleaders think Dubai, China and Singapore pouring billions into Merrill, Morgan and Citi is beneficial to these companies even though the terms of these loans are punitive to current shareholders. The sheeple are depending on the criminals to save them. Good luck.
You want to protect yourself buy gold, silver and oil stocks.
JPM holds the most derivative's. http://www.occ.treas.gov/ftp/deriv/dq207.pdf The following are some highlights from it: JPM - 1.2 Trillion in Assets 80.3 Trillion in Derivatives (growing month over month to mask Losses?) Citi - 2.2 Trillion in Assets 34 Trillion in Derivatives BOA - 1.5 Trillion Assets 30 Trillion in Derivatives
Total Major Banks and Brokers - 10 Trillion in Assets against 160 Trillion in Risk