JP Morgan apparently is expecting the U.S. economy to turn around fairly soon, because they are in the process of hiring several hundred mortgage officers from all across the country. If you do not quite recall who JP Morgan is, they are the wall street bank who made national and global news by offsetting over 5 billion dollar in their own corporate tax by purchasing then flagging Washington Mutual in one of the largest bank take overs in history.
Offsetting further tax liability, they also purchased Bear Stearns when their outlook began to sour and bankruptcy looked eminent for them. Bear Stearns was denied a bailout by former Goldman Sachs head Ben Bernanke, otherwise they may have received TARP money as well.
JP Morgan states that many of the mortgage officers that they are hiring will be stationed and loan centers all across the United States. What baffles me is their logic for the hiring trend. They are reported to have claimed that they want to be able to most dutifully service and serve home loan seekers when the real estate market does turn around. That is not an exact quote but you get the idea.
Where are they getting their signals from? The media has only projected more doom and gloom so they must be privy to information that is much more optimistic than what most of us are reading or hearing. With bailout money in their pockets they must be priming the pump for their next big business leap.
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!
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