Boy Toy CEO Jamie Dimon gave "OHLM" the big Dimon endorsement while running a Q&A at the United States Chamber of Commerce just now.
A penny for your thoughts, DB...?
Dimon: Obama Home Loan Modification "Completely Appropriate And Proper"
Posted by Equity Private, Mar 11, 2009, 2:02pm
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Posted by guest , Mar 11, 2009 2:05PM
If "home loand modification" is synonymous with cramdown, then I say, go for it.
Posted by guest , Mar 11, 2009 2:05PM
Are Jamie Dimon and Jon Stewart related?
Posted by guest , Mar 11, 2009 2:05PM
If "home loan modification" is synonymous with cramdown, then I say, go for it.
Posted by guest , Mar 11, 2009 2:06PM
Ackk, my first ever double post! I'm heading to the penalty box right now for a five-minute major!
Posted by Investorcluzo , Mar 11, 2009 2:08PM
as long as we're doing away with contract law, I'd like to re-do the lease on my car and would happily modify the mortgage on my apt. jaime d, what do you have for me?
Posted by blndebnker , Mar 11, 2009 2:13PM
@Cluz - Do you think you could speak to him about working in some modification for my cell phone contract too? Unlimited texting is getting pricey.
Posted by guest , Mar 11, 2009 2:15PM
@5 Careful Cluzo, you sound like the entitled masses that have been complaining on the "what has the government done for me lately" political show.
Posted by guest , Mar 11, 2009 2:16PM
was a solid speech though
Posted by guest , Mar 11, 2009 2:16PM
You left out the last part of the statement "in addition, we will unilaterally modify the checking account balances of deadbeats to 50% of their pre-mod balances". At least I wish he would have ended it that way.
Posted by guest , Mar 11, 2009 2:17PM
@6
Maybe you should stop the mass *ahem* late night texting....just saying
Posted by guest , Mar 11, 2009 2:18PM
how about some personal responsibility in this country? let's bring back debtor's prison.
Posted by blndebnker , Mar 11, 2009 2:19PM
@9 - I would actually take that at this point too.
@10 - It's not mass texting.
Posted by guest , Mar 11, 2009 2:20PM
Erin Burnett is calling this market "the great adjustment."
sounds like doubetalk for her surgery last weekend
Posted by guest , Mar 11, 2009 2:24PM
Dimon is gunning for Treasury Secretary.
Posted by Investorcluzo , Mar 11, 2009 2:27PM
@blndebnker - if I can get my mortgage modified, I'll pay for the damn text messaging...
@7 - I'm still waiting for my 40 acres (you can keep the damn mule)!
Posted by guest , Mar 11, 2009 2:33PM
kiss ass
i still can't use the word monkey, can i? would it be racist?
Posted by guest , Mar 11, 2009 2:38PM
@16. If you have to ask the question, you know what you meant by it.
As for Dimon? Priming the pump to get the best prices on Bad Bank assets is all.
Posted by guest , Mar 11, 2009 2:44PM
Can't spell homeless without OHLM!
Posted by girl , Mar 11, 2009 2:48PM
My unwavering opinion on the matter is that EP should shut her face
Posted by guest , Mar 11, 2009 2:56PM
while we're at it how about doing something about my student loans i'm sitting on 200k with no job, no life, and no hope.
Posted by guest , Mar 11, 2009 3:02PM
The French had better wine to quaff down socialism.
Posted by guest , Mar 11, 2009 3:07PM
Jamie Dimon shot my monkey!
Posted by blndebnker , Mar 11, 2009 3:16PM
@Cluzo - That's a generous offer. Here's hoping!
Posted by Investorcluzo , Mar 11, 2009 3:21PM
@blndebnker - you haven't seen my mortgage!
Posted by guest , Mar 11, 2009 3:24PM
Cluz and Blndebnker - why should it be that a BK court can modify / eliminate a credit card balance and not a mortgage?
How have other securitization-driven industries been able to handle the fact that the obligations underlying their securities can be modified / eliminated in BK?
Why is a BK modification worse than a foreclosure and sale at a loss?
I'm just saying, I think people are making too much of this. The mortgage industry will survive and I'll bet you will NOT see a huge increase in mortgage cost attributable to this provision.
Posted by guest , Mar 11, 2009 3:30PM
Obama wants to put your children in his stew and eat them, and send us all to re-education work camps. Right? Right?
Posted by EricM , Mar 11, 2009 3:31PM
And, Dimon gets a total pass on the jab he threw at mark-to-market because...
Posted by blndebnker , Mar 11, 2009 3:33PM
@25 - I'm not arguing that this is necessarily a terrible move. It just feels unfair to those of us that have kept up with our payments, maintained good credit, and avoided getting in over our heads with loans we were never certain we couldn't pay back. I know that a lot of people wouldn't be in a mess now if it wasn't for the fact that they have lost their jobs. But nonetheless, they should have had the savings stashed away or been prepared for the consequences. If I lose my job, nobody is going to review my lease and work out lower payments until I can get back on my feet. I accept the consequences that in that instance, I will be moving out and sadly, back in with my parents. But as they say, them's the breaks.
Posted by Investorcluzo , Mar 11, 2009 3:52PM
who said I was in favor of modifying cc contracts? as far as I am concerned, if you want any type of modification, it should be negotiated by and between the two parties (or their representatives) who signed the original agreement. I’m not against modification per se, just the fact that judges of various ilks are now able to cramdown changes as they see fit.
Posted by guest , Mar 11, 2009 3:53PM
@11, I am with you in supporting debtors prison as long as we also set up a prison for all the asset managers and traders on Wall St. who've lost shit tons of money. At the very least your call for personal responsibility on the part of the masses on a Finance Chat board smacks of hypocrisy at the very least, and arguably idiocy.
the Wall Street masses are no different then the rest of hoi polloi other then the fact that they wear italian loafers and live in Manhattan. All lack a consistent ideological belief other then self-interest, and political policies are supported or denounced based upon whether they benefit the party in question. Consistency in ideology is never present.
Posted by guest , Mar 11, 2009 4:20PM
It's Dr Zizmor!
Posted by guest , Mar 11, 2009 4:22PM
Erin hasn't been enhanced, dipshit. Pls stop posting the same bullshit under every DB story. blndbnker- can i move in w/ your parents too?
@ 30- do your 2 dads know that your on the computer again? head back to the resident evil 5 msg board. DB's for big boys.
tnx
-tgwwbh
Posted by guest , Mar 11, 2009 8:13PM
Jamie is in line to replace Timmy.
Posted by guest , Mar 11, 2009 9:49PM
Don't you just destroyed your credit record if you go to BK? doesn't it mean that you'll be in the penalty box for the next 4-5 years? what am I not seeing here? if you keep your payment, you get to keep your squeaky clean record. So that's your penalty. I guess I haven't been in BK so I don't know and don't want to know how it feels and how it affects me.
Posted by guest , Mar 11, 2009 10:24PM
Credit reports have a 7-year look back.
Posted by guest , Mar 11, 2009 10:34PM
@25, big difference between credit card interest rates and mortgage rates. You definitely are not getting compensated to deal with cramdowns with those low mortgage rates. Also, the cramdowns would be retroactive and thus not taken into account. In the future, mortgage rates will be all higher.
If you're fine with that, then it's all good.
Personally I don't think you should be allowed to renegotiate through the courts, regardless of the type of loan.
Posted by Walter L , Apr 28, 2009 5:22AM
Thanks for sharing this! This current economic situation gave way to the development of many mortgage loan modification programs and short term loans. By default, most people are optimists. We all like to think that if our government creates a policy in a time of a crisis we can all depend on it to fix the problem at hand. It is nice that the Obama administration has moved very quickly to address the housing problems that we all face as a nation. Refinancing these days will typically be the best option as it can save you hundreds of dollars per month if you are refinancing from a high interest rate to a lower rate. Let me give you a certain situation. . Bo Jackson was a standout talent as running back for the Oakland Raiders and as a left fielder and designated hitter for the Kansas City Royals, excelling at both before a hip injury sidelined him for good. Many would give short term loans to see him play again. However, he is trying his hand at something else. Bo is a part owner of the Burr Ridge Bank and Trust, a community bank in Burr Ridge, Illinois. He picked a community bank as a type of bank known for financial stability, and its unlikely Bo Jackson will ever need mortgage loan modification.
http://personalmoneystore.com/moneyblog/2009/04/22/bo-jackson-bank-burr-ridge/