News broke just today that JP Morgan will be hiring 1200 mortgage officers across the U.S. For those of you who are not familiar with who they are, when the recession really started to hit hard JP Morgan was the bank who purchased Washington Mutual and offset several billion dollars of its own tax liability in the purchase.
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.
I will stop beating around the bush and just make my point. 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.
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!
The author enjoy writing articles on Boise Idaho real estate & Boise Idaho homes. Click on the links above to learn more!
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