The two sides met to discuss possible a possible resolution. One idea that had been thrown around by the attorneys general was to get banks to agree to principal reductions on home loans.
In other words, get the banks to help out troubled homeowners by reducing the amount they owe.
Well, that didn’t go over well.
JPM’s CEO Jamie Dimon struck that down pretty quickly telling reporters at the U.S. Chamber of Commerce, “Principal writedown for people who couldn’t pay their mortgages? Yeah, that’s off the table.”
Read on.
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