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Loan Modification
: Mortgage Lender Implode-o-MeterJP Morgan Slashes Loan Loss Reserves, Posts $4.8bn Q2 Income
By Implode-Explode Heavy Industries
"Although losses for the mortgage and home equity portfolios continued to be extremely high, the current-quarter provision reflected improved delinquency trends and reduced net charge-offs as compared to prior periods," the company said in the earnings statement.
JP Morgan experienced a 3.32% net charge-off rate in home equity loans ? totaling $796m in the quarter ? compared with 4.61% in the year-ago quarter. Subprime mortgage net charge-offs of $282m ? or 8.63% ? fell from $410m the same time last year. Prime mortgage net charge-offs of $264m ? or 1.79% ? also fell from $481m in the year-ago quarter.
Full post as published by Mortgage Lender Implode-o-Meter on July 15, 2010 (boomark / email).
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