""How did those hundreds of billion dollars mortgages fall into JPM's pocket?""
Because the GSA and THE FDICK propped up JPMC by allowing them to CHERRY PICK and BUY AT BOOK VALUE mortgagees.
How can YOU ASS/U/ME they haven't been doing just that and that it takes a long time to buy and process and close a property deal.
They have the loan list,payment history right in their hands so THEY could pick and choose the BEST loans first, then the mediocre ones next.
What is book value on a loan with a balance of 75k$'s left on it at a rate of 6%?
MY WILD ASS guess is 75K since the trustee CAN'T SELL or allow a loan to be sold for less than is due back from the balance, now can they, JPMC only gets the loan and with a new % rate applied they get that.........or they allow the old one to stay in effect, and just pay WMI the balance owed.
All any bank ever makes on a loan is the interest as the loan balance is just there and comes back in time...........
the aver loans @ 7% oays for a home aprox 2.5 times over the life of the loan but whomever wrote its get their principle loans back and the remaining 1.5 times is their profit................But I still contend THE BALANCE OWED is BOOK VALUE and although we THINK they stole them they have to buy them.
Why do you thunk we have 3 WELLS ACCTS and it was said all payment DUE will be paid into those after servicing costs, and that include any that JPMC bought the PMI and the interest payments made on those loans
ALL IMHO
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