House Financial Services Committee Chairman Barney Frank (D-MA) today received a letter from JP Morgan Chase CEO Jamie Dimon announcing a three-week foreclosure moratorium. Earlier this week, Congressman Frank called on all holders and servicers of mortgages to initiate such a moratorium until President Obama announces the administration’s plan to reduce foreclosures. Today one of the largest banks in the world agreed to Barney Frank's request.
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In the photo: In 2007 Jamie Dimon was paid $30-million by J P Morgan Chase in executive pay and compensation. The following year he was one of the bankers who helped lead this nation's economy to ruin. He took $25-billion of our taxpayer dollars to help him out of the hole he dug. Then, he violated the policy set by Congress and tried to mis-spend the money. Now, finally, he has decided to cooperate with the Congress and with President Obama. Is it too little too late? How can we trust a public crook like this bum?
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Mr. Dimon’s letter follows:
February 12, 2009
February 12, 2009
The Honorable Barney Frank
2252 Rayburn Building
Washington, DC 20515
Dear Chairman Frank:
As I noted during yesterday’s hearing in the House Financial Services Committee, JP Morgan Chase has worked hard to be at the forefront of foreclosure prevention and modification efforts to keep families in their homes.
Yesterday, you proposed a temporary foreclosure moratorium, and Congressman David Scott subsequently asked lenders to commit to a three-week moratorium until Treasury implements a new modification plan.
Today we have initiated a foreclosure moratorium through March 6, 2009:
We will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by J P Morgan Chase. This moratorium replicates the 90-day foreclosure freeze we announced on October 31, 2008. We believe three weeks is adequate time for the Treasury to announce – and for us to implement – a new plan.
We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages.
Sincerely,
s/ Jamie Dimon
cc: The Honorable Spencer Bachus
cc: The Honorable David Scott
cc: The Honorable Timothy Geithner
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(end of letter)
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As Chairman, President & CEO at JP Morgan Chase & Co Jamie Dimon oversaw the US Treasury Department's transfer of $25 billion of US funds to J P Morgan Chase on Oct 28 2008 via TARP. This was the fifth largest amount transferred under the United States bail out bill (a.k.a. TARP) Section A of TARP is to help troubled assets related to residential mortgages.
JP Morgan Chase advertised earlier this month that they would be using their capital base monetary strength to acquire new businesses, primarily due to the funds provided by TARP and in direct violation of TARP’s main intent; to help troubled assets related to residential mortgages and all obligations as spelled out in TARP.
Now, in what appears to be an effort to mend the error of his ways, Dimon seems to be sending a clear message that he is ready to clean up his act and begin behaving properly.
We will see.
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By the way, in 2007, the last reporting year I found, Jamie Dimon was paid $30-million by J. P. Morgan.
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J P Morgan also paid $20-million to executive Steven Black and another $20-million to William Winters, another J P Morgan executive. Their CFO was paid $8-million. That's a total of $78-million paid to the top four executives of J P Morgan.
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Crooks. Criminals. Bastards.
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