"JPMorgan Chase has record profit for quarter " by Bloomberg News / January 15, 2011
NEW YORK — JPMorgan Chase posted a record $4.83 billion profit yesterday, buoyed by $2 billion in reserves added back to earnings as credit quality and the economy improved....
They were just sitting on money, huh?
JPMorgan, led by chief executive Jamie Dimon, was the only major US bank to remain profitable throughout the financial crisis. The company’s record $17.4 billion in earnings last year were boosted by roughly $7 billion in pretax reserve releases on the better economic forecast....
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Related:
"JPMorgan Chase allocated $21.55 billion for compensation and benefits."
FLASHBACK:
"Wary lenders denying short sales; Citing price concerns, many opt to foreclose" by Jenifer B. McKim, Globe Staff / December 20, 2010
Christopher and Linda Robbins were thrilled to find a buyer for their Watertown condominium this summer, believing they had engineered a graceful way to avoid foreclosure.
But the young couple’s hopes were crushed when their mortgage holder, JPMorgan Chase & Co., rejected the deal on the grounds the condo was worth more than the $240,000 the buyer was willing to pay.
(Blog editor update: After they made all that money they couldn't take a few thousand dollars loss? There is only one word for it: EVIL)
Instead, the parents of two young children watched in anguish Sept. 16 as the bank foreclosed upon their home. Weeks later, JPMorgan put the home back on the market, priced about $7,000 below what the prospective buyer offered. Today, the family is gone and the house is empty.
Translation: They REALLY WANTED the PROPERTY ALL ALONG!
“We gave it 100 percent of an effort and tried our hardest,’’ said Linda Robbins. “It was the bank not willing to work with us.’’
And they "made" HOW MANY BILLIONS last quarter?
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As more homeowners attempt to stave off foreclosure by striking such deals, lenders are denying or delaying many of these transactions even when it appears the sales would be in their best interest, according to real estate agents and housing advocates....
Actually, no. WORTHLESS PAPER MONEY means NOTHING next to a HARD ASSET like a HOME!
JPMorgan Chase would not comment on the Robbinses, but said the company generally prefers short sales over foreclosures, because they cost less and benefit the community.
And SINCE WHEN have BANKS EVER CARED about the COMMUNITY?
What SCUM!!!!!
Ultimately, however, the bank’s responsibility is to get a “fair price’’ for a property, and sometimes that means seeking more than the short-sale price — even if it puts the sale in jeopardy, said spokesman Michael Fusco....
In the Robbinses’ case, they admit it was a mistake to borrow $292,500 to buy their Watertown home six years ago.
Yup. For ANYTHING!
Christopher Robbins, 30, who had recently finished a four-year stint in the Army, was a security screener at Logan International Airport in Boston. His wife held a job as a child-care worker.
They SCREWED a VET and his family?
Yeah, $upport the troop$!!
They were approved for a loan that did not require income documentation or a down payment.
As if it were their fault and not the bank.
When they say sign here and we can put you in that house you love what are you supposed to do?
The monthly payments on their variable-rate mortgage began to rise immediately, and they soon fell behind on the loan. After failing to convince the bank to rewrite the loan, they opted for a short sale. Following the foreclosure, the Robbinses moved into public housing for veterans, blocks from their former home.
Just to add insult to injury.
“It is disgusting they couldn’t work with me,’’ Christopher Robbins said. “It puts a lot of stress on families where it could be avoided.’’
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Related: BANKERS GONE WILD
WALL STREET'S MORTGAGE-BACKED SECURITY FRAUD DESTROYED BOTH THE US AND EU ECONOMIES!
Can you FINALLY SEE what is GOING ON, Americans?
