Jaime Dimon: Housing Market Closing in on Bottom

MHProNews has learned from OriginationNews JPMorgan Chase chairman and CEO Jaime Dimon says the “turn” in the housing market is at least getting closer as the economy slowly improves. Noting the decline in the shadow inventory, he says it’s cheaper to buy than it is to rent in some markets. The company’s mortgage division has added 15-20,000 employees to handle default servicing and real estate-owned (REO) property, but Dimon says that number has peaked and will start decreasing. JPM anticipates a loss of $350 million each quarter this year on Fannie Mae and Freddie Mac buybacks. The settlement over the robo-signing/foreclosure scandal with the state attorneys general and the Department of Justice is getting closer to a resolution, he notes.

(Photo credit: NewYorkPost)

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