Mortgage Blog

We got the news at the Thursday earnings
conference call that JPM Chase lot 2B on
the bet of credit default swaps. I thought
the CEO Jamie Dimon was better than Sandy
Weill(Former citi CEO) and other CEOs of the
big financial institutions. But apparently
he still made some big mistakes, like this
one which brought the whole market,
especially the financial sector.

We all knew that he did not like mortgage
brokers. Chase is the first mega-bank stopped
the HELOC in wholesale channel, and one
of the first banks who stop the wholesale
mortgage business. I think you made the
wise decision then. That's why Chase
fared pretty well in the financial turmoil
of the last 4 years.

Like someone said, financial stocks are poison.
I did not know until Friday. But still I have
faith in this Jamie boy and the whole
sector.