Recession Busting; The JP Morgan Approach!
With defaults on the rise JP Morgan is apparently hearing the beat of a different drummer, as illustrated by their recent announcement that they will be hiring over 1100 new loan officers this year. JP Morgan should be a familiar name to you since they are the Wall Street bank who used taxpayer dollars to acquire Washington Mutual for pennies on the dollar when the real estate market started crashing. Ringing a bell yet? Pretty sure it helped out.
After wrapping up the WAMU purchase, they then turned their cross hairs on Bear Stearns, after former Goldman Sachs leaders Ben Bernanke and Hank Paulson decided they were not worthy of receiving bailout funds.
The 1200 loan officers are slated to be positioned all across the United States in local loan hubs and work from banks for easy access the local real estate markets. With numbers at recent lows, the decision to hire more loan officers seems confusing to many people. The reasoning that JP Morgan has provided for the hiring is to be in the best position to offer the highest quality of service to people who may want home loans when the real estate market improves. That is not an exact quote but you get the idea.
All of this leads you to ask exactly what are they seeing that so many other are apparently not seeing? They are hiring when it seems every other business is laying people off? For the majority of people, this is illogical, unless they know more than everybody else somehow.
Ok, I will stop making statements that don't communicate my real intent. JP Morgan and Goldman Sachs have both been waiting to start lending again to maximize their own profits at the expense of the American consumer and home buyers and sellers expense.
You frequently see these kinds of confusing moves when an accounting department is trying to hide something that they don't want divulged, but this action may signal a turn around for our national real estate market! - 23218
After wrapping up the WAMU purchase, they then turned their cross hairs on Bear Stearns, after former Goldman Sachs leaders Ben Bernanke and Hank Paulson decided they were not worthy of receiving bailout funds.
The 1200 loan officers are slated to be positioned all across the United States in local loan hubs and work from banks for easy access the local real estate markets. With numbers at recent lows, the decision to hire more loan officers seems confusing to many people. The reasoning that JP Morgan has provided for the hiring is to be in the best position to offer the highest quality of service to people who may want home loans when the real estate market improves. That is not an exact quote but you get the idea.
All of this leads you to ask exactly what are they seeing that so many other are apparently not seeing? They are hiring when it seems every other business is laying people off? For the majority of people, this is illogical, unless they know more than everybody else somehow.
Ok, I will stop making statements that don't communicate my real intent. JP Morgan and Goldman Sachs have both been waiting to start lending again to maximize their own profits at the expense of the American consumer and home buyers and sellers expense.
You frequently see these kinds of confusing moves when an accounting department is trying to hide something that they don't want divulged, but this action may signal a turn around for our national real estate market! - 23218
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posted by X - Men @ 3:54 AM
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