REUTERS: JPMorgan Chase & Co Chief Executive Jamie Dimon said on Thursday bad mortgage rules were hindering the growth of the U.S. economy and called for swift reforms.
In his annual letter to the shareholders, Dimon said the involvement of many regulators coupled with increased political intervention was making it difficult to achieve much-needed reforms in mortgage lending."This has become a critical issue and one reason why banks have been moving away from significant parts of the mortgage business," Dimon wrote UPDATE 1-India govt may direct state banks on debt resolution - finmin source - Reuters.
"The odds are increasing that we will need to materially change our mortgage strategy going forward," he said.The bank also said it expects its first-quarter net interest income will likely be flat compared with the prior quarter and adjusted expense to be up by"mid-single" digit percentage compared with the year-ago quarter.
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