JPMorgan Memo Shows Mortgage 'Cheats & Tricks'

Source : Reuters

"Originally obtained by reporters at The Oregonian newspaper, the memo outlines step-by-step instructions on how to beef up mortgage applicants' stated incomes in order to help them qualify for home loans.

They read as follows:

"1. Make sure you input all income in base income. DO NOT break it down by overtime, commissions or bonus.

2. If your borrower is getting a gift, add it to a bank account along with the rest of the assets. Be sure to remove any mention of gift funds.

3. If you do not get (the desired results), try resubmitting with slightly higher income. Inch it up $500 to see if you can get the findings you want. Do the same for assets."

JPMorgan argues these were the wayward actions of a rogue employee who has since been fired, and by no means represent company policy."

What about the loans the person helped push through into the system... JPMorgan? Will you be calling those back because your organization was responsible for generating toxic waste and polluting the financial world and also expanding this firing net. This whole mess is not a "one-person" job. It's something that was generated by the financial companies and much like I'd like to believe that one person that was fired has fixed this, the losses point to something different and a systemic failure in the face of greed.