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Mohit on mortgages
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    0 starsmohit | Shared With: Everyone - Jul 22 2008 | jpmorgan, risk, loans, mortgages, investment club, finance
    Practical Risk Management: Operational Risk – JPMorgan Chase Teaches Mortgage Brokers To Cheat

    Quoted: The Oregonian reported Friday morning that it obtained a copy of an internal JPMorgan Chase (“JPMC”) memo titled “Zippy Cheats & Tricks” that provides step-by-step instructions on how to enter false data into a loan approval system called ‘Zippy.’ (Hat tip to Calculated Risk.) In essence, an in-house guide to committing mortgage fraud. Here are pertinent excerpts of the Oregonian report:

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    2
    0 starsmohit | Shared With: Everyone - Apr 01 2008 | mortgages, finance, subprime, news, economics, toread
    A VC: Hitting The Reset Button On Mortgages

    Quoted: I think this is basically a good idea. If the government is going to bail out the people trading with Bear Stearns in an effort to calm the markets, then they might as well go right to the source of the poison and clean up the mortgage mess. But it has to be done right. And I think that insuring the mortgages instead of buying them, as was done in the depression, is an idea with some merit.

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