Friday, October 31, 2008

Not-So-Invisible Hand


JP Morgan today went out on a limb and "said it won't begin new foreclosure proceedings on some loans while it finds ways to make payments easier on $110 billion of problem mortgages."

It took a while for somebody, anybody post-TARP to do this on a large scale, but it's about time. I suspect that JP Morgan had a very large government whispering in their ear, but that's OK.

Better late than never.

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