'Enough Already!' Wails Beleaguered Bankster As Chase Moves To Unload $154B Mortgage Holdings; Litigation Over Crappy Paper, F'closures Drive Effort

Bloomberg reports:

• JPMorgan Chase & Co. is winding down its $154 billion mortgage portfolio to “close to zero” as the bank works through mortgage losses and litigation over loan- servicing and foreclosure practices.



• JPMorgan, which has reduced mortgage holdings by $19.3 billion in the past year, will continue shedding assets by about as much as 15 percent a year “forever,” Chief Executive Officer Jamie Dimon told analysts on a conference call after the New York-based company reported a 13 percent increase in net income for the second quarter.



• “It’s going to go down 10 or 15 percent a year until it’s close to zero,” Dimon said in answering a question from Ed Najarian, the head of bank research at International Strategy and Investment Group in New York.

For more, see JPMorgan to Cut Mortgage Holdings to ‘Close to Zero’.