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News Link • Housing

Jamie Dimon Says Banks Are Being Nice to You When They Take Your House

“Giving debt relief to people that really need it, that’s what foreclosure is.” As he explained: “[Homeowners] are probably better off going somewhere else, because they get relieved almost 100% of the debt through foreclosure.” For real? It’s debt relief? Why not just go old school with “let them eat cake”? “Debt relief” requires a forgiveness of debt. It’s a gift, not an exchange. There’s no quid pro quo. In foreclosure, however, the homeowner gives up the house, and doesn’t necessarily get any debt relief. If the mortgage is recourse, there could still be a deficiency judgment. Does Dimon mean that JPMChase is forgoing all deficiency judgments? I doubt it. And even if so, there’s an exchange of debt for house. That’s hardly debt relief. That’s debt collection.

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