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10/17/2008
Banks buying back risky mortgages
JPMorgan Chase is buying $6b worth of risky mortgages into its own investment portfolio. How could banks be involved in risky products? Or why would banks be allowed to take on such risk?
Let's hope this kind of practices stay in the US and our local banks are not allowed to be too adventurous again. Banks are the bedrock of the whole financial system and should not be running around like koyok men selling anything that can make quick money. The dizzzy days of seeking quick profits for big bonuses and unrealistic pay at the top should be frozen. Banks should continue with its traditional business and roles, and grow steadily over time.
And for that matter, as a country, we also need to stop this relentless drive to achieve everything in the shortest and quickest time. Population growth, high economic growth, high rental growth, property prices, undergrowth and whatever growth, should be reined in.
Time to change the time scale and go for sustainable growth in a more unhurried pace.
No wonder they need to guarantee deposits now that people do not trust the banks, once the most secure place to keep savings. By the look of things they are still up to their old habits, maybe these risky mortgages will turn out to be profitable once the crisis blows over and more taxpayer's money are pumped in to help them make such purchases. Sounds illogical to us, but not to them.
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