Come Collect Your $3 Billion
How would you spend $3.3 billion?
JPMorgan Chase, one of the nations biggest banks just reported earnings of $3.3 billion. That’s 9 cents a share more than analysts predicted.
So, my question to you is, how would you like to spend the money? I mean, for sure the bank will be giving it back to us, the taxpayers, right?
It just seems fair since we’re directly responsible for the first gains of this size in years!
Well, even if they don’t share the profits all the indicators mean good news for us.
They claim that loan quality is improving and delinquencies are beginning to stabilize.
Leave a comment and let me know how this affects you.
But the big banks are still scared. They would have even bigger shareholder earnings. But they’ve set aside tons more money than usual to cover potential losses.
Seems like a good policy these days, don’t you think?
Average mortgages held by the bank are down by $17 billion.
Is this good news (dropping bad loans) or bad news (weak investor confidence)? What do you think?
And the bank claims that they’re at the forefront of the mortgage preservation business. They claim that preventing foreclosures is their top priority now.
We’ll have to wait and see how their efforts go. But at the very least their efforts are making news. Let’s see if the other banks follow suit.
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Herb
