JPMorgan Chase Seeks Gradual But Close to Zero Reduction of Mortgage Portfolio Holdings
July 21, 2011
JPMorgan Chase officials say they plan to liquidate the companys giant $154 billion mortgage portfolio to close to zero as it works through the banks mortgage losses and litigation of loan-servicing and foreclosure practices. During the companys earnings conference call with analysts, JPMorgan CEO Jamie Dimon noted that the company will continue to reduce its mortgage holdings by 10 percent to 15 percent a year forever. Last year, the company reduced its mortgage holdings by $19.3 billion. JPMorgan reported earnings of ...