• 14 Jun 2011 at 1:13 PM

JPMorgan Fires Mortgage Chief

By

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]

Comments (26)

  1. 1
    Posted by Frank "Willy" Lowman | June 14, 2011 at 5:22 PM

    “They don’t need me in New York.”

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

  2. 2
    Posted by CurrencyTrader | June 14, 2011 at 5:30 PM

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

  3. 3
    Posted by Anonymous | June 14, 2011 at 5:39 PM

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

  4. 4
    Posted by Ocelot Humper | June 14, 2011 at 5:46 PM

    Seems like an OK chap to me. 

    /Pol Pot using a British accent for some reason

  5. 5
    Posted by Also A Guest | June 14, 2011 at 5:54 PM

    How so? Does he look like a portly feline to you???

  6. 6
    Posted by Guest | June 14, 2011 at 5:57 PM

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

    Explore

  7. 7
    Posted by Guy Who Saves Companies | June 14, 2011 at 5:58 PM

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

  8. 8
    Posted by trojan | June 14, 2011 at 6:14 PM

    he looks like a pale orc

  9. 9
    Posted by Guest | June 14, 2011 at 6:22 PM

     A little bit…

    http://www.nj.com/news/index.ssf/2008/08/vet_says_jersey_fat_cat_feline.html

  10. 10
    Posted by Guest | June 14, 2011 at 6:25 PM

    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.

  11. 11
    Posted by Guest | June 14, 2011 at 6:27 PM

    he’s not fat, he just looks a little chubby when he takes his bra off.

  12. 12
    Posted by Guest | June 14, 2011 at 6:27 PM

    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.

  13. 13
    Posted by JD | June 14, 2011 at 6:27 PM

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

  14. 14
    Posted by Contrarioninvestor | June 14, 2011 at 6:31 PM

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

  15. 15
    Posted by Ich Bin Ein Berliner | June 14, 2011 at 6:32 PM

    “I spy with my naked eye….”

  16. 16
    Posted by guesticles | June 14, 2011 at 6:33 PM

    He looks like he needs a nice loving home.  
    -Villanova MBA, ’11

  17. 17
    Posted by Rick | June 14, 2011 at 6:34 PM

    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

  18. 18
    Posted by Guest | June 14, 2011 at 6:41 PM

    People got kicked out of their houses though

  19. 19
    Posted by Anonymous | June 14, 2011 at 6:47 PM

    Rather more like this guy: http://www.youtube.com/watch?v=aczPDGC3f8U

  20. 20
    Posted by Guester | June 14, 2011 at 6:50 PM

    The utimate in debt relief.

    -JD

  21. 21
    Posted by fuck hockey | June 14, 2011 at 6:55 PM

    dumbass

  22. 22
    Posted by Sallie Krawcheck | June 14, 2011 at 8:13 PM

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

  23. 23
    Posted by Wahoo | June 14, 2011 at 8:28 PM

    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.

  24. 24
    Posted by Guest | June 17, 2011 at 8:41 PM

    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.

  25. 25
    Posted by Las Vegas Dentist | July 6, 2011 at 4:40 AM

    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.

  26. 26
    Posted by loan compensation | July 6, 2011 at 4:42 AM

    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.