With millions of homeowners losing their homes to foreclosure during this recession, megabank JPMorgan Chase plans to argue against the Obama administration’s latest weapon in its fight to stem the problem — principal cuts for struggling borrowers — by citing the sanctity of contracts and the borrower’s “promise to repay.”
In testimony to be delivered Tuesday afternoon, David Lowman, chief executive officer for home lending at the “Too Big To Fail” behemoth, will fight back against the program which calls for lenders and investors to decrease the outstanding debt owed on a home mortgage. While his competitors at Bank of America, Wells Fargo and Citigroup plan to dance around the issue — judging from their prepared remarks — Lowman cut right to it: borrowers don’t deserve it.
Ok. Let’s go back two years and not do ANYTHING to help out the banks during the crisis and see if JPMorgan Chase sinks or swims under the load of their “sanctified contracts” without taxpayer largesse and huge government intervention at taxpayer expense. And let’s see how many homes JPMorgan Chase has foreclosed on the owners and then abandoned in areas like Cleveland, leaving the wrecked and unclaimed homes to be looted, vandalized, and serve as crack and crime dens up and until the taxpayers are forced to deal with it. Let’s make them live up to their sanctified god damned contracts and take responsibility for their mess. Let’s see how profitable they are without no-interest and extremely low interest loans from the Fed which they turn around and lend to consumers for a hefty profit.
I hate these assholes. And yet I can guarantee there will be someone in the comments defending these guys. You hippies are just being irrational and lashing out!