Subscribe Feed (RSS)Recent news posted stating that JP Morgan was hiring 1200 loan officers at locations all across the nation. In case you did not know who they are, they are the wall street bankers who acquired WAMU to get out from under several billion dollars worth of tax money they owe to the government. Sound familiar? I thought it might.
They also purchased Bear Stearns, the other wall street bank, when they went under and were refused a bailout by the head of the Federal Reserve.
With JP Morgan hiring these loan officers and positioning them across the nation, one is left to wonder why they would be doing this during the greatest recession to hit the globe in at least 25 years. The explanation is that when the real estate market turns around JP Morgan wants to be positioned to best service home loan applicants. With most projections putting a real estate recovery about a year or more out, are they looking at some indicator most of us are missing?
Is JP Morgan getting signals from somewhere other than the media, because all of the news here lately would indicate it is no time to hire new loan officers, no matter how big your bank is. With pink slips as common as pin striped suits, JP Morgan looks as if they are paddling upstream.
To be blunt, the only 2 remaining Wall Street banks have been holding bank the credit industry in order to put in place the perfect rush of business that they will be perfectly positioned to capitalize on. This does come to a staggering cost at the expense of the American consumer and many small businesses.
Given that these kinds of illogical moves are typically seen when the CEO of a company dumps his stock the day before the company goes public with some bad report, we may be seeing the end of a suppressed real estate market very soon!
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