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| User Info | Jamie Dimon: in forum [General] | |||
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Yaldor Posts: 1430 Incept: 2008-05-17 
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"people have gone back to old fashioned 80% LTV, real verified income, more disciplined appraisals" http://calculatedrisk.blogspot.com/2008/.... Meredith Whitney: I just want to be clear in terms of the decline in originations on your mortgage portfolio, was that more credit based or in terms of tightening underwriting standards or LIBOR challenge? Jamie Dimon: The origination business, and I think it's true for a lot of people in the industry, Meredith, people have gone back to old fashioned 80% LTV, real verified income, more disciplined appraisals, and then in some areas they won't even go to 85% LTV because of expected home decreases so we are not at 85% in California, Nevada, or Florida we're at 65. So that's why it's down. I think it's true for us and everybody else. Almost everything being originated is eligible for Fannie Mae, Freddie Mac, or FHA. So therefore you have this great reduction. Obviously the quality of that stuff is going to be much higher. Meredith Whitney: Thank you for that. My follow-up, given the fact that the industry is pulling back credit across the board is that sort of a chicken and egg question, are you seeing areas where you've pulled back credit deteriorating much further? Obviously the sand states are experiencing the most deterioration but have you given an example of seeing all your competitors being a catalyst for deteriorating credit? Jamie Dimon: I think the answer is yes but we'll never really know ... Let me make general comments about a crisis like this. One of the things that happens which I think the government is to cushion on, a lot of individual actors. I am talking about you as investors, banks as providers of credit, individuals, small businesses, large businesses, all start to take actions that are rationale for them as an individual or corporation, but in total, can cause exactly what you are talking about. And that's one of the things that the government is trying to reverse. Not just the banks. It's the individuals who invest in banks, people who provide capital to other financial institutions, moving money back overseas, so you do see a little bit of that, and they are trying to arrest that. That is the one thing that's got people most scared and they are trying to stop it. Like I said before I think what the government is doing is pretty powerful medicine. I say the governments around the world is pretty powerful medicine, and I think will you start to see some beneficial effect of that in the next couple weeks. Meredith Whitney: if you really believed that you'd beginning credit card lines, right? Jamie Dimon: ... we are buying slightly more risky assets and we're growing our businesses everywhere so we're not panicking. Credit card receivables are up. We are not pulling out of California . We're still marketing. Obviously we try and modify what's going on, but we are not going to say, yahoo this is over, extend credit liake we did without fear. If you are not fearful, you're crazy. Meredith Whitney: I'm fearful. Jamie Dimon: we know you are. We're waiting for you to reverse your position. William Tanona: Some of the other investment banks provided some pretty good color in terms of where they have certain assets marked within their investment bank. Just wonder if you guys would be willing to provide that same level of detail across prime, alt-A, prime, subprime. Jamie Dimon: Leverage loans we did [took marks of 29% on total commitments], and I'll give you some numbers now. Ready? Prime, loans is not really applicable. Alt-A performing about mid 70s, nonperforming 40s. That's loans. Alt-A securities, high 20s. Subprime mid-30s. CMBS mid-80s, that's all we are going to give you because it's competitive information. ---------- For every crash the probability of someone showing that he predicted it is near 1 . For every prediction of an imminent crash the probability of it being correct is almost zero Last modified:
2008-10-15 10:48:12 by yaldor
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Lakeshorelady Posts: 5400 Incept: 2007-08-17 
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Quote:The origination business, and I think it's true for a lot of people in the industry, Meredith, people have gone back to old fashioned 80% LTV, real verified income, more disciplined appraisals, and then in some areas they won't even go to 85% LTV because of expected home decreases so we are not at 85% in California, Nevada, or Florida we're at 65. So that's why it's down. Umm, Jamie, I close your loans....you lying sack of **** ---------- "Like all other idealisms, patriotism varies from a noble devotion to a moral lunacy." - W.R. Inge
2008-10-15 10:53:16
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Genesis Posts: 71346 Incept: 2007-06-26 
KD^2
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That's good for a special Ticker. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-10-15 11:03:36
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Canadaman Posts: 1416 Incept: 2007-08-10 
Charlotte, NC
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thanks for the info lakeshorelady. I've thought for a long time Dimon's was full of **** who was just lying better than everyone else in the market in order to try and spin the results. I loved the part that he said they didn't want to take the capital injection. Can I get some tickerforum feedback on whether saying "I didn't want the capital injection" means the same thing as "we are well capitalized, with lots of cash on hand" ---------- "Every mania in financial history has been liquidity driven. You can go back to the South Sea Bubble or tulips in Holland. As long as the money is coming in, everything is fine." - Raymond DeVoe, Dec. 11, 1995
2008-10-15 11:08:19
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Stcm Posts: 1356 Incept: 2008-02-05
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I worked for Shearson in the Mid-90's when it was taken over by Smith Barney/Travelers before it became Citigroup. Jamie Dimon was appointed the CEO of Smith Barney by Sandy Weill. He was a young, arrogant loudmouth at the time. The first week he gave a presentation to all the IT staff in the auditorium. I remember some of his lines - he used the phrase "bull****" several times which we all thought was surprising for someone at that level. He said that Shearson had a reputation for being a friendly place to work but that was going to change: "This is Wall Street, if you want a friend get a dog". He also was big into planning and execution - he said "A bad plan well executed is better than a good plan poorly executed". I remember talking about that statement with one of my co-workers. It seemed to me that what you need is a well-executed good plan. A well-executed bad plan will get you into trouble that much faster! Sound like the Treasury bailout?? Shortly after Jamie's speech, management started messing with our coffee. Shearson had really good coffee -usually 3 or 4 kinds. First they cut it down to just regular and decaf. A couple weeks later they stopped providing creamers - we had to have a "milk club" for every workgroup - each person would buy a gallon of milk when it was their day to do it. Finally, they stopped providing paper cups. People started bringing in mugs but they were getting messy and disgusting because you had to walk too far to wash them. Finally, workers just went outside the building where a coffee cart was. When management figured out that people were wasting an hour a day getting coffee, they built a Starbucks-like "Coffee Connection" in the main lobby and charged exorbitant rates for gourmet coffee, thereby making money off the workers. I also remember memos coming out telling us who to vote for (congressman that supported deregulation,etc.) In general, Dimon and has crew had a damaging effect on morale. He was eventually booted by Sandy when he started fighting with Jessica, Sandy's daughter who was running one of the divisions. We used to take bets on how long he would last. Looks like he's still a prick. ---------- Short-Term Capital Mismanagement - "When genius was never there to begin with!"
2008-10-15 11:26:38
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Yaldor Posts: 1430 Incept: 2008-05-17
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STCM, thanks for this colorfull description. Now we know the type. I could never understand those "A bad plan well executed" guys get to the top making mistake after mistake but looking so "exceutive like" in the process. disgussting. Lakeshore: Can you be a bit moere specific ? what are the Ca LTV ? ---------- For every crash the probability of someone showing that he predicted it is near 1 . For every prediction of an imminent crash the probability of it being correct is almost zero
2008-10-15 11:36:40
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Lakeshorelady Posts: 5400 Incept: 2007-08-17
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Yaldor Loans I know of that directly CONTRADICT what Mr. Dimon says are from Michigan (which IMHO the risk has to be on par or worse than CA and NV)-- This one deal which is fresh in my memory, you would not even believe it of I told you. It was WAY beyond the standards Mr. Dimon claims and IIRC the borrowers told me they were behind on their current loan. And verifying income/assets on that deal  more disciplined application to value of the property ....that makes me laugh so hard my sides hurt... It was done as a PRIME deal, packaged and sold, no **** -- In fact I believe I still have the docs on my harddrive (I save them for borrower's for period of time in case they lose their set of docs, just to be nice, it happens more than you would think it would -- kids color on them, etc..) I will look, they BLANTANTLY will refute what Mr. Dimon is trying to sell (along with a RESPA and/or TILA violation or two to boot) I will see if I can pull them but have to be careful because they do have ALL of the borrowers personal info that would cause them very serious harm if in the wrong hands -- Please consider when I say this, what reason do I have to lie? I own no stake in JPM nor any of their competitors, I have NEVER been either short or long on them or their competitors (nor had any options on them or their competitors). I have no reason anyone could claim as a reason for me stating such. Also revealing such ONLY can act against me as they would be much less likely to hire me. I get NOTHING/stand to gain nada out of saying this other. I do stand to experience LESS work which is something I desperately can't afford. But even with consideration to losing work at this point with all these damn lies spewed daily, frankly my dear Jamie, I do not give a damn. ---------- "Like all other idealisms, patriotism varies from a noble devotion to a moral lunacy." - W.R. Inge Last modified:
2008-10-15 12:07:30 by lakeshorelady
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Ouch Posts: 32 Incept: 2008-07-12
Sweden
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Lakeshorelady: That's called integrity, and I admire and thank you for showing it.
---------- “Problems cannot be solved by the same level of thinking that created them.” -Albert Einstein
2008-10-15 12:06:01
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Mayorquimby Posts: 5845 Incept: 2008-09-18
Ponzi Planet Online
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Lake- Thanks. This is why this forum rocks. I learn so much here it's ridiculous. None of this surprises me. Perhaps Dimon is planning on pulling a Prince during the next uptick? ---------- It's a PONZI ECONOMY and it already HAS collapsed. Now they need more ponzi!
2008-10-15 12:16:56
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Pika-steph Posts: 39187 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing.
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Wish there was some way to use that information to hang Dimon. Saw this on a shirt: Bankers today are pricks. At least the bankers in 1929 had the decency to hurl themselves out of windows. Pretty much sums it up. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2008-10-15 12:38:29
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Mayorquimby Posts: 5845 Incept: 2008-09-18
Ponzi Planet Online
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So instead of more transparency, we get MORE lies. MORE smokescreen. I cannot believe this is happening. Can't wait for the next Ticker/Video. Been hammering friends with them.
---------- It's a PONZI ECONOMY and it already HAS collapsed. Now they need more ponzi!
2008-10-15 12:39:57
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Capeman Posts: 2168 Incept: 2007-07-12
San Diego
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This is a great thread! Thanks for posting it!
---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert
2008-10-15 13:38:26
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Eaglewwit Posts: 1885 Incept: 2007-11-30 SoCal
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And this is the ass clown that Obama says might be Secretary of Treasury. This is an outrage, the people should be up in arms. Clearly it is designed to not mess up Paulson's plan, it would be a seemless transition. They both have master the art of thievery on a grand scale. We need a new definition of this type of crime. ---------- "Not even I imagined we would see trillions of dollars being created and given to the culprits as a means of allegedly "saving" the system. This is not mere Keynesianism; it is Keynesianism on steroids and crystal meth."
2008-10-15 13:55:39
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Lakeshorelady Posts: 5400 Incept: 2007-08-17
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Eagle Obama never said that nor has indicated even a slight inclination to Dimon -- It was a muse by a writer -- Furthermore, no matter what ones opinion is on Obama or any other candidate, Obama and/or any other candidate knows Jamie would never make it through confirmation. Too many lingering questions out there and a confirmation hearing would make it open season to force answers to those questions under oath. ---------- "Like all other idealisms, patriotism varies from a noble devotion to a moral lunacy." - W.R. Inge
2008-10-15 13:59:57
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Eaglewwit Posts: 1885 Incept: 2007-11-30 SoCal
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Thanks Lakeshorelady, I for one will not be happy until I see these guys behind bars and their assets seized. ---------- "Not even I imagined we would see trillions of dollars being created and given to the culprits as a means of allegedly "saving" the system. This is not mere Keynesianism; it is Keynesianism on steroids and crystal meth."
2008-10-15 14:08:25
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Musicmax Posts: 349 Incept: 2008-09-19
North Carolina Banned
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Who's gonna ask those questions? Chuck Schumer?
2008-10-15 14:12:02
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Jbr Posts: 197 Incept: 2007-06-26
Los Angeles
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LSL... you need to contact Whitney. Somehow, this type of info needs to get out.
2008-10-15 14:20:28
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Tesla Posts: 8172 Incept: 2008-04-03
Delaware
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Music - exactly. They'll roll over every time. Unless they are voted out, every one on that committee is bought and paid for by the bankers, and they know whose lap poodle they are.
---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2008-10-15 14:43:34
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Yaldor Posts: 1430 Incept: 2008-05-17
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Lakeshore, I don't doubt you. We need to find more such info - anyone with an idea ? I will try with friends in Ca. ---------- For every crash the probability of someone showing that he predicted it is near 1 . For every prediction of an imminent crash the probability of it being correct is almost zero
2008-10-15 15:09:03
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Pika-steph Posts: 39187 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing.
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Quote:Obama and/or any other candidate knows Jamie would never make it through confirmation. Not to point out the obvious or anything, but Paulson made it through the confirmation. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2008-10-15 15:11:14
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Lakeshorelady Posts: 5400 Incept: 2007-08-17
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Pika True enough -- The easy no hard questions or inquiring minds Paulson confirmation however was in the gilded ages of the Goldilocks economy when Wall Street CEO's were being handed dozens of red roses by all. Now, in the dark black forest, the bears have come home and have shown everyone the porridge is gone, the Wall Street CEO's have to avoid such questions in fear a bouquet of black roses full of thorns will be put to them in a place where it will be most uncomfortable 
---------- "Like all other idealisms, patriotism varies from a noble devotion to a moral lunacy." - W.R. Inge Last modified:
2008-10-15 15:24:34 by lakeshorelady
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Hokulani Posts: 982 Incept: 2007-07-01
Ola'a, Puna, Hawaii Island
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Meredith is way too smart to fall for Dimon's bull****. She knows full well the game here.
---------- "I am NOT a consumer, I AM a CITIZEN" Uncleoxidant
2008-10-15 15:26:40
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Jinxx0r Posts: 2064 Incept: 2007-08-10
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Lakeshorelady, can you black out the personal info and post a screen cap or is that illegal? (I don't work in that business, so I have no idea). Can you imagine CNBC putting that up on screen... or CNN. TSWHTF. just wow. ---------- "Americans grew tired of being thought of as dumb by the rest of the world, so in 2008, they went to the polls and removed all doubt" ~~ unknown http://www.youtube.com/watch?v=2x2W12A8Qow http://www.youtube.com/watch?v=4pXfHLUlZf4
2008-10-15 17:11:11
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Anti Posts: 1286 Incept: 2007-10-09
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I second Jinx's suggestion and further suggest that you dispatch a copy to your congressman and the SEC chairman, with an offer to testify.
---------- Health is better than health insurance http://gerson.org/ Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.
2008-10-15 17:37:02
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Nanna Posts: 2630 Incept: 2008-01-20 NY State
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LSL, Sandy was an even bigger ass than Jamie. The whole regime was nasty. That was the corporate culture (maybe still is). That said, I'm glad I cut my trading teeth on them :) N/
2008-10-15 19:37:38
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