- In his annual letter to shareholders, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon calls for mortgage reform, saying that reducing "onerous and unnecessary origination and servicing requirements" and " opening up the securitization markets for safe loans" will improve the cost and availability of mortgages to consumers.
- As a result, "we are intensely reviewing our role in originating, servicing and holding mortgages. The odds are increasing that we will need to materially change our mortgage strategy going forward."
- He also addresses the next downturn, whenever that turns out to be. "We are prepared for -- though we are not predicting -- a recession," Dimon writes.
- "The next recession may not resemble prior recessions. Next time, the cause may be just the cumulative effect of negative factors – the proverbial last straw on the camel’s back."
- Still, he says the firm manages its business knowing there are cycles and to deal with that will continue serve clients, invest in technology, mitigate risk, and seek new ways to grow.