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JPMorgan Chase Argues Against Mortgage Modifications, Citing Sanctity Of Contracts
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| Contributor | RP |
| Last Edited | RP Apr 14, 2010 12:00pm |
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| Category | Statement |
| Author | Shahien Nasiripour |
| News Date | Monday, April 12, 2010 05:00:00 PM UTC0:0 |
| Description | 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."
Lowman will effectively tell the House Financial Services Committee that it's the homeowner's responsibility to bear the losses that came as a result.
JPMorgan Chase received $25 billion in a taxpayer-funded bailout, which it has since repaid; it absorbed Bear Stearns and Washington Mutual in 2008 through sweetheart deals that offloaded most of the cost and risk onto taxpayers; and it also received $41 billion in cheap funding through a taxpayer-backed debt issuance program from the FDIC, money that has not been repaid. |
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