Give him credit, JPMorgan’s CEO of home lending, David Lowman, has found a unique reason for saying no to homeowners who want to renegotiate their mortgages …it’s the moral thing to do. Or in Lowman’s words, “If we rewrite the mortgage contract retroactively to restore equity to any mortgage borrower because the value of his or her home declined, what responsible lender will take the equity risk of financing mortgages in the future.”
I actually agree that borrowers stupid enough to borrow more than they could pay back should take some responsibility for the pickle they’re in. All too often this cavalier attitude toward debt gets people in trouble. It gets lenders and the government in trouble too. Hence, financial meltdown.
The key word in Lowman’s statement is “responsible” as in “responsible lender”.
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I have the house on a short sale aproved with Select Portafolio ( 1st lender) I also have a buyer and the 1st lender aproved the offer BUT I have a 2nd lender,Chase. They refuse the ofer they want me to bring to the table 6,ooo.oo out of pocket or I was told “tell the other bank to go to forclosure some times it just has to be that way”. The tone was one of that they did not care. Plus that is only for them to sign the lean I will still have to pay the rest of the loan. Chase bank doen not care, we paid the loans on time for 5 years never late, now we lost our jobs.