Relevant:
- Lenders Again Dealing Credit to Risky Clients
- JPMorgan Ousts Mortgage Chief Lowman After Foreclosure Lapses
- JPMorgan Wagers $72 Billion on Global Home Loans in Yield Hunt: Mortgages
- Florida 4th DCA Ruling Could Change Florida Foreclosure Landscape
- Hotels Attract JPMorgan as Loan Recoveries Beat Other Properties
2014-07-15 — reuters.com
JPMorgan Chase & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees... "The cost to take a customer through the foreclosure process is just astronomical now," Kevin Watters, chief executive of JPMorgan Chase's residential mortgage banking business in New York, told Reuters in an interview.
If other lenders choose the same path as JPMorgan, it could become more difficult for people to secure financing to buy homes, even though government programs are intended to help credit flow to these borrowers, said Christopher Mayer, a professor of real estate finance at Columbia University.
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