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JPMorgan Fires Mortgage Chief

You accidentally foreclose on a few people who shouldn’t be getting foreclosed on and all of a sudden it’s like you’re not welcome at the office anymore.

JPMorgan ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers. “Dave Lowman and I have decided he will leave the firm,” Frank Bisignano, the head of home-lending, said today in an internal employee memo obtained by Bloomberg News.

JPMorgan has been taking steps this year to repair its mortgage unit, which posted at least $3.3 billion in losses during the first quarter. Lowman, 54, who ran home-lending since leaving Citigroup Inc. (C) in 2006, was directed in February to start reporting to Chief Administrative Officer Bisignano, 51. The New York-based bank then hired Cindy Armine, Citigroup’s chief compliance officer, last month to increase oversight as chief control officer of home-lending. “We thank Dave for his five years of service to our firm,” Bisignano said in the memo. “He worked here during extraordinary times and has said he will take some much needed time off.”

JPMorgan Ousts Mortgage Chief Lowman [Bloomberg via NetNet]

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26 Responses to “JPMorgan Fires Mortgage Chief”

  1. Frank "Willy" Lowman says:

    “They don’t need me in New York.”

    — guy who thought a 3.3 bn loss was the NKI.

  2. Arnold Schwarzenegger voice a la the movie Predator, “You are von ugly moddafucka!”.

  3. Anonymous says:

    Looks like he took the “fat cat banker” thing a bit too literally.

  4. Ocelot Humper says:

    Seems like an OK chap to me. 

    /Pol Pot using a British accent for some reason

  5. Guest says:

    You accidentally [                    ] on a few people who [                       ] and all of a sudden it’s like you’re not welcome at the office anymore.

    Explore

    • Guest says:

      You accidentally stand on a few people who happen to have great racks and all of a sudden it’s like you’re not welcome at the office anymore.

    • Guest says:

      You accidentally stand on a few people who happen to have great racks and all of a sudden it’s like you’re not welcome at the office anymore.

    • Rick says:

      You accidentally jizz in a few water bottles of a few people who like to drink water and all of a sudden it’s like you’re not welcome at the office anymore.

      -Michael Kevin Lallana

    • Wahoo says:

      You accidentally slap your dick on a few people who think working at a furniture store is some kind of free ride and all of a sudden it’s like you’re not welcome at the office anymore.

  6. Guy Who Saves Companies says:

    The first rule of management is finding out where all the dumbassery is taking place.

  7. JD says:

    Wait, I thought foreclosure = debt relief = doing people a favor? Should this guy not be getting  a raise?

  8. Contrarioninvestor says:

    This executive was obviously an expert in that he was miked up and on stage…

  9. Ich Bin Ein Berliner says:

    “I spy with my naked eye….”

  10. Sallie Krawcheck says:

    What kind of non-compete do you have because we could use someone whith your skillset. 

  11. Guest says:

    He was a thief. He and his former HR rep are well known throughout RFS for expensing personal and fraudulent charges. He and his group were the most confused and inefficient bunch of clowns who would not have gotten jobs at any other major FI’s.  RFS is the most insane and disfunctional group in JPM – JD needs to clean house starting with Scharf who has failed to manage this group effectively.

  12. That’s why in every secrets, there’s always a breaker for that . Whatever you do to hide your appearance to the public, it will still seen by them. Wise will exist in our world but if your wise for bad purposes, I’m sure you will not win..Whatever efforts you will apply, The good one will still remain.Maybe some time you will enjoying those treasures which not perfectly yours but remember it will fade and gone right away.

  13. That’s why in every secrets, there’s always a breaker for that .
    Whatever you do to hide your appearance to the public, it will still
    seen by them. Wise will exist in our world but if your wise for bad
    purposes, I’m sure you will not win..Whatever efforts you will apply,
    The good one will still remain.Maybe some time you will enjoying those
    treasures which not perfectly yours but remember it will fade and gone
    right away.

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