Comments on: JP Morgan’s CEO calls prime mortgages “terrible”

By: morganb

morganb — Fri, 18 Jul 2008 13:55:07 +0000

great point – the automated underwriting systems certainly played an
important role in putting folks in loans that they probably wouldn't
have qualified for with a manual underwrite.

By: Kori Lambert

Kori Lambert — Fri, 18 Jul 2008 13:38:59 +0000

That graph is certainly telling. It seems that the credit crisis may be a long way from the finish line. It is time to move away from formulas and automation and make a return to common sense underwriting.

By: morganb

morganb — Fri, 18 Jul 2008 12:39:10 +0000

I agree! Finally some honesty out of someone.

By: jbflory

jbflory — Fri, 18 Jul 2008 12:33:10 +0000

It sucks, and it's going to get worse, and we're sorry.

What surprising (and refreshing) candor from a CEO!