Morgan/Chase CEO gives high marks to Obama Administration

[BeyondGeography]

Housing Plan Helps Homeowners and Banks: Dimon

The Obama administration's housing plans help struggling homeowners and provide incentives to loan servicers to rewrite mortgages, JP Morgan Chase CEO Jamie Dimon said.

More than a million mortgages at JPMorgan will get rewritten under the plan, Dimon said during a CNBC interview in which he also praised other administration initiatives for banks and the broad economy.

"To me the whole package is elegantly done--no simple solution, but what they've done is very good," he said. "And I think if the secretary of the Treasury and President Obama continue to come up with really thoughtful plans and to roll them out like this it will have a very beneficial effect on our psyche, on confidence in the financial system and on the country."

For the housing plan specifically, Dimon cited the benefits that will come to homeowners who will get reduced interest rates and thus more affordable mortgages, while mortgage servicers will see fewer defaults and better returns on their investments.

"There are incentives for servicers and mortgage owners and there are really great incentives for the homeowner," he said. "They get a lower price, they get a discount on the back end if they actually keep up with their payments. We think it's kind of win-win."

More at: http://www.cnbc.com/id/29262680

[Clio the Leo]

1. good to hear, thank you. NT

[Cha]

2. Some positive thoughts on Obama Team's

plan instead of the derisive snorting from the greedmongers who aren't in Power anymore.

[Still Sensible]

3. Excellent support coming from a CEO that says

it means his company will rewrite a million loans under the plan. That, and calling it a "win-win" on a financial news network is very positive.

[Cant trust em]

4. New president means new assumptions

If a CEO would have said something positive about a Bush administration proposal, I would have been really skeptical of another corporate kickback. Since it's our boy who is in charge now, I feel that this is going to work out more in our favor.

I believe in Barack!