Financial Tip: Unlike Big Finance, Homeowners Underwater Must Pay Their Debts on Worthless Property

These are the same geniuses who in a tanking economy tack on myriad fees. Gee, maybe if they managed their businesses with any intelligence neither they nor we nor the world would be where we are now….

A far more knowledgeable man than I (Sandy Weil’s ex-protege!) says:

Chase CEO Jamie Dimon, whose bank received $25 billion in bailout funds from the government, refused to tell CNBC anchor Melissa Francis how the bank is performing this quarter.

“Can you tell me how this quarter is doing for JPMorgan?” Francis asked.

Dimon’s brief response: “I can’t.”

***

But he took a tough attitude towards home owners behind on their payments:

“I don’t think just because someone’s underwater they say I don’t have to stay there. But they’re supposed to pay the mortgage, and we should teach the American people, you’re supposed to meet your obligations, not run from them. Because you have a mortgage doesn’t mean you should run away as it goes down.”

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