Thursday, April 5, 2012

Chase CEO Admits Many Mistakes

Yesterday I read a few articles, well, actually, late last night. Realtors in Santa Clarita Valley need to keep up on these things, right? One that caught my eye was the one that talked about Jamie Dimon, CEO of JPMorgan Chase admitting, in a letter to shareholders, that his bank contributed to the collapse of the American housing industry.

Nice admission. Nice that they honed up. He admitted that they funded loans they certainly shouldn't have...and, never would again. When the market started to fall apart, they were unprepared for the aftermath. Not ready to deal with the delinquencies that were rampant. From 6800, in 2008, people servicing overdue notes, to now 23,000, they are working to correct the wrongs he admitted his company did.

While he admits the wrong, and is working on correcting, we are all suffering.

But, as you hopefully are hearing appears that the suffering is slowing. That the pain of the collapse is being lifted. That the housing crisis is on the road to recovery.

I know I've used that line before, 'The Road To Recovery', but it's appropriate. It was a huge uphill and a crashing downhill........ hopefully the hills are behind us and we can take the road.....a smoother, happier, and more even-keeled road.

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