Chase mortgage memo pushes ‘Cheats & Tricks’
The bank says it never backed the strategies, which detail how to get an iffy loan approvedThursday, March 27, 2008JEFF MANNINGThe Oregonian Staff
A newly surfaced memo from banking giant JPMorgan Chase provides a rare glimpse into the mentality that fueled the mortgage crisis.
The memo’s title says it all: “Zippy Cheats & Tricks.”
It is a primer on how to get risky mortgage loans approved by Zippy, Chase’s in-house automated loan underwriting system. The secret to approval? Inflate the borrowers’ income or otherwise falsify their loan application. … (link)
Sorry, I’m having flashbacks to Henry Blodget and pushing “total crap” onto investors …
