Daily Archives: June 13, 2012

Protesters Challenge JP Morgan Chase CEO at Senate Hearing: ‘Face The People You Foreclosed On’

pJP Morgan Chase CEO Jamie Dimon is testifying before the Senate Banking Committee today, explaining the trading debacle that caused his bank to lose billions of dollars. Before the hearing could even formally begin, protestors twice interrupted the proceedings. One man initially yelled, “Why don’t you face the people you foreclosed on?” A second group […]/p

via Protesters Challenge JP Morgan Chase CEO: ‘Face The People You Foreclosed On’.

JP Morgan Chase CEO Offers To Get An Apartment In Washington So Congress Can Consult Him On Bank Regulations

pDuring his hearing before the Senate Banking Committee today, JP Morgan Chase CEO Jamie Dimon offered to get an apartment in Washington, D.C., so that he can be consulted by Congress on financial regulatory matters. In response to a question from Sen. Roger Wicker (R-MS) about whether banks are being asked to help craft regulations, […]/p

via JP Morgan Chase CEO Offers To Get An Apartment In Washington So Congress Can Consult Him On Bank Regulations.

Republican Convention Delegates Revolt Against Romney & RNC

Courthouse News:

SANTA ANA, Calif. (CN) – In a revolt against Romney, 123 would-be convention delegates claim the Republican National Committee has used violence, intimidation and ballot stuffing to deter them from being allowed to vote for the candidate of their choice on every ballot at the Republican National Convention, including the first.

Here is the complaint. Click here.

Dimon, JPMorgan Chase Have History with Senate’s Banking Panel – OpenSecrets Blog | OpenSecrets

Dimon, JPMorgan Chase Have History with Senate’s Banking Panel – OpenSecrets Blog | OpenSecrets.

Dimon has a long record of contributing to congressional candidates, primarily Democrats. In the 2012 election cycle he has given $6,800 to Democratic candidates and $4,500 to Republicans. Among the recipients are committee members Bob Corker (R-TN) and Mark Warner (D-VA). Dimon has also contributed to the top Republican and the top Democrat on the committee, though not for several years: both Richard Shelby (R-AL) and Chairman Tim Johnson (D-SD) received $2,000 from Dimon in 2008.

That campaign cycle was Dimon’s most significant as a donor. He gave the Democratic Senatorial Campaign Committee more than $55,000 dollars and sent thousands to multiple current members of the Banking Committee: Jack Reed (D-RI), Mike Crapo (R-ID) and Mark Warner (D-VA) each received $2,000.

While Dimon backed Hillary Clinton and Chris Dodd in the presidential race that year, he then gave $50,000 to Barack Obama’s inaugural committee. Dimon has not put any money into the 2012 presidential contest.

Fannie Mae To Streamline Past-Due Payments For Homeowners Associations Effective July 1

Many borrowers live in a community with either Homeowners Associations fees or condominium fees, and a new Fannie Mae rule set to take effect on July 1, 2012 will make it easier for such associations to collect dues they are owed by mortgage servicers.

Fannie Mae’s regulation at the present requires servicers to clear all liens for delinquent HOA dues and condo assessments on properties that have been obtained through foreclosure or deed-in-lieu of foreclosure. In cases where the lender’s first mortgage position is considered to be at risk and the borrower’s amounts owed are more than 60 days late, the servicer is required to advance the payment.

Servicers, however, tend not to keep records of HOAs when they originate loans, which makes it difficult to contact the HOAs about unpaid dues, especially when the HOAs’ contact information or staff changes.

Read on.

Now Anonymous JPMorgan Execs Are Taking Shots At Jamie Dimon Over The Trading Loss

Business Insider:

Now Bloomberg’s Erik Schatzker, Dawn Kopecki and Bradley Keoun report that JPMorgan’s chief executive Jamie Dimon, who had a reputation for being one of the best risk managers, could have stepped in before it lost $2 billion but didn’t because he exempted the CIO office from strict oversight, according to unnamed execs at the bank.

From Bloomberg:

Dimon treated the CIO differently from other JPMorgan departments, exempting it from the rigorous scrutiny he applied to risk management in the investment bank, according to two people who have worked at the highest executive levels of the firm and have direct knowledge of the matter. When some of his most senior advisers, including the heads of the investment bank, raised concerns about the lack of transparency and quality of internal controls in the CIO, Dimon brushed them off, said one of the people, who asked not to be identified because the discussions were private.

UC Irvine law students to help enforce foreclosure settlement

UC Irvine law students will travel California this summer to help determine if five giant banks are fulfilling the pledges they made in a $25-billion settlement of foreclosure-abuse investigations.

The students — three this summer, and later expanding to eight or nine — will meet with housing counselors, legal-aid groups and homeowners. They will work for a consumer-protection clinic set up by Katherine Porter, the UC Irvine law professor tapped by California Atty. Gen. Kamala Harris to oversee the settlement with Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and Ally Financial Inc.

From Harris’ viewpoint, their chief mission will be to collect information and complaints on whether banks are doing what they promised for distressed California homeowners, a spokesman said Tuesday.

Read on.