Hardwick Hall, More Glass than Wall
I don’t want to brag too much, but I think someone important at JPMorgan Chase may have read one or two of my recent posts and decided the shame was too great to bear. Posted on this week-end’s WSJ.com was a report that JPMorgan Chase launched a plan that would modify the terms of some $70 billion in mortgages. What they’re proposing to do involves reworking the mortgages with lower interest rates and lower principal amounts “or other more-affordable terms.” They are basically going to throw out the current mortgages and replace them with ones more favorable to borrowers in terms of interest rates, outstanding principal or “other more-affordable terms.” What’s the word I’m looking for? Begins with an ‘h’? Huge!
This is huge! (That’s the word!) All that ranting I did about the consumer’s need for an equity infusion, how the bailout was not for Americans and how what we really need was something closer to ‘trickle-up’ economics, not more b.s. trickle-down, corporate welfare economics. The power of the Curve! Yeah! Feel it!
Now, some would say that the bank was probably putting this together before I joined finger tips to keyboard and unleashed the Curve’s power to bring the shame, but they’re just haters. So forget them.
This sets the precedent, raises the bar, if you will, for the other banks that are feeding at the Treasury’s gilded trough.
