Jamie Dimon Says Foreclosure Settlement Threatened By Obama Decision

(Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said President Barack Obama's decision to expand investigations into home lending and sales of mortgage securities could stop settlement talks with the states over foreclosure practices.

"It has a pretty good chance of derailing it," Dimon said in a televised interview with CNBC from Davos, Switzerland on Thursday.

Obama, in his State of the Union address Tuesday, said he has asked his attorney general to create a special unit of prosecutors to expand investigations into home lending and packaging of mortgage-backed securities. It is not clear how the new unit will be different from earlier investigations.

"I think it would be better for America if that settlement took place," Dimon said. "If this thing derails that, so be it."

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Comments

[Charlie]

Dimon is talking trash in opposition to Obama in order to give Obama credibility. Obama has saved these scumbag bankers and given them trillions of dollars in free taxpayer dollars, Dimon and the rest want desperately to reelect Obama. Obamas phony commission and his appointment of the NY AG is just a way of derailing any real investigation...3 years and still no genuine investigation and there wont be any as long as Obama is there to protect the banks.

[crawlars]

Precisely, Charlie, well said.

[john]

US To Settle Fraudclosure For $25 Billion Even As It Channels Fake Tough Guy In Meaningless Lawsuit Against Very Same Banks

http://www.zerohedge.com/news/us-settle-fraudclosure-25-billion-even-it-channels-fake-tough-guy-meaningless-lawsuit-against-v

[John]

Here are a couple of updates:

http://stopforeclosurefraud.com/2012/02/11/the-devil-is-in-the-details-theres-no-deal-between-the-banks-feds-and-states-so-the-ags-may-still-walk/

http://stopforeclosurefraud.com/2012/02/12/up-w-chris-hayes-delaware-attorney-general-beau-biden-on-the-foreclosure-fraud-settlement/

[John]

The Little Guys Vs. JP Morgan Chase/Fed Reserve

http://stopforeclosurefraud.com/2012/02/13/mi-class-action-dickow-vs-jpmorgan-chase-federal-reserve-system-office-of-comptroller-of-the-currency/

[John]

Audit Uncovers Extensive Flaws in Foreclosures
By GRETCHEN MORGENSON

http://www.nytimes.com/2012/02/16/business/california-audit-finds-broad-irregularities-in-foreclosures.html?_r=2&partner=rss&emc=rss

[snip]

An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday. Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.



NOTE: This appeared in The American Banker today....


San Francisco Foreclosure Audit Will Be Fodder for MBS Lawsuits

http://www.americanbanker.com/issues/177_33/san-francisco-foreclosure-audit-mortgage-backed-securities-1046767-1.html

A new report that found systemic flaws in San Francisco's foreclosure process could be fodder for securities investors to make claims against banks and mortgage servicers, its author says.

WELCOME TO THE SHITSTORM.

[John]

National Foreclosure Settlement: Several States Using Funds From Deal To Close Budget Gaps

http://www.huffingtonpost.com/2012/02/22/national-foreclosure-settlement_n_1294867.html

[snip]

JEFFERSON CITY, Mo. — The ink wasn't even dry on a settlement with the nation's top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.

He's not the only politician eyeing the cash for purposes that have nothing to do with foreclosure. Like a pot of gold in a barren field, the $25 billion deal offers a tempting and timely source of funding for state governments with multimillion-dollar budget gaps.

Although most of the money goes directly to homeowners affected by the mortgage crisis, the settlement announced this month by attorneys general in 49 states includes nearly $2.7 billion for state governments to spend as they wish.

[John]

This is a release from Mr. John O'Brien, Registrar of Deeds, Salem County, Commonwealth of Massachusetts. He is on the forefront of the fight against mortgage fraud and this advice should be used by EVERYONE (if you receive any solicitation regarding the Mortgage Fraud Settlement) no matter what state you live in...


CONSUMER ALERT!!!
REGISTER O'BRIEN WARNS OF SETTLEMENT SCAM

http://www.salemdeeds.com/

[snip]

People have been receiving scam phone calls claiming to have information for consumers eligible to receive money from the mortgage settlement. It is unknown if the callers are posing as bank employees or as a third party working on behalf of the banks, but they are asking for consumers' bank account information in order to direct deposit the money. Borrowers should contact their mortgage servicers directly in order to obtain information on what they may qualify for under the settlement. Register O'Brien wants to remind you to always be cautious when discussing personal information over the phone.

[John]

$42M CEO: Journalists are overpaid

http://money.msn.com/investing/dollar42m-ceo-journalists-are-overpaid

[snip]

It's not that one-percenters make so much more than most everyone else. It's that some are so arrogant about it.

Consider these recent comments from Jamie Dimon, the CEO of JPMorgan Chase (JPM).

At the company's annual investor day Feb. 28, Dimon described journalists as overpaid -- even though, in reality, scribes are a fairly humble segment of the 99-percent crowd. They earn a meager median of $31,900 a year, according to PayScale.com, an online compensation data provider.

But even that amount is "just damned outrageous," according to Dimon, who pocketed $42 million in 2010, according to GMI, an independent corporate governance research firm.