Blown Mortgage - Latest Comments in JP Morgan’s CEO calls prime mortgages “terrible”

Re: JP Morgan’s CEO calls prime mortgages “terrible”

Morgan Brown — Fri, 18 Jul 2008 11:55:07 -0000

great point - the automated underwriting systems certainly played an
important role in putting folks in loans that they probably wouldn't
have qualified for with a manual underwrite.

Re: JP Morgan’s CEO calls prime mortgages “terrible”

Kori Lambert — Fri, 18 Jul 2008 11:38:59 -0000

That graph is certainly telling. It seems that the credit crisis may be a long way from the finish line. It is time to move away from formulas and automation and make a return to common sense underwriting.

Re: JP Morgan’s CEO calls prime mortgages “terrible”

Morgan Brown — Fri, 18 Jul 2008 10:39:10 -0000

I agree! Finally some honesty out of someone.

Re: JP Morgan’s CEO calls prime mortgages “terrible”

jbflory — Fri, 18 Jul 2008 10:33:10 -0000

It sucks, and it's going to get worse, and we're sorry.

What surprising (and refreshing) candor from a CEO!