Here's some news about jpmc and boa

[FicoMike0]

https://dailyhodl.com/2024/04/27/jpmorgan-chase-and-bank-of-america-suffer-4500000000-in-losses-as-u...

[markbeiser]

They'll be fine, between the two of them they earned almost $75 billion in profit last year!

[GreatLife]

The 'tighter standards' caught my attention:

Federal Reserve finds most banks are now tightening lending standards for most types of loans.

“Banks reported tighter standards and weaker demand for home equity lines of credit (HELOCs). Moreover, for credit card, auto, and other consumer loans, standards reportedly tightened, and demand weakened on balance.”

[CorpCrMgr1]

@FicoMike0 thank you for sharing.

[sjt]

I'd like to know how much of those charge-offs were late fees, interest, etc.

[IsambardPrince]

"Don't trust big banks or small banks. Banks are ponzi schemes run by morons." -Ron Swanson (Parks & Recreation)

Of course he was burying gold all over town. But he had the right idea about banks.

Remember the last time they lost all their money and the federal government and the Federal Reserve gave them trillions of dollars so they'd start lending and then they used it to buy back their own shares and buy stock investments and pay bonuses and then they didn't lend?

Pepperidge Farm Remembers.

And of course, who could forget the FDIC, there to insure 100% of the deposit money in the country, with a fund the size of about 1.3% of all the deposit money in the country?

And remember last year when uninsured depositors were paid back out of this fund? That was nice wasn't it?

There haven't been enough banks collapsing at any given time since the FDIC was created to wipe out the fund. But that's not to say it would be impossible.

[IsambardPrince]

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@GreatLife wrote:

The 'tighter standards' caught my attention:

Federal Reserve finds most banks are now tightening lending standards for most types of loans.

“Banks reported tighter standards and weaker demand for home equity lines of credit (HELOCs). Moreover, for credit card, auto, and other consumer loans, standards reportedly tightened, and demand weakened on balance.”

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I'm considering buying a car, with cash. The high interest rates and "tightened standards" mean that the price of vehicles has started to collapse and if you even glance at one you'll have the salesman after you all week over email, phone calls, and text messaging.

Most people blew the wad with money they didn't have and then had to get rid of the car, or came out one morning and it had been repossessed. Sure, there's no economic problems going on. Tell yourself that if it makes you feel better.

What the Fed has done, essentially, is choke off "consooomers" from their cheap loan money. This has made everyone who is not completely braindead stop and think about how badly they really need to borrow money. Cash is king.

[Anonymous]

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@sjt wrote:

I'd like to know how much of those charge-offs were late fees, interest, etc.

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@sjt 

I totally agree. I would love access to detailed datasets.

[IsambardPrince]

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@Anonymous wrote:

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@sjt wrote:

I'd like to know how much of those charge-offs were late fees, interest, etc.

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@sjt 

I totally agree. I would love access to detailed datasets.

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Late fees and interest would vary but at the least it would usually add at least $1,800 per $5,000 at the point where the person stopped paying.

At least that's what I recall from several years ago. At some point most of them will offer a settlement for what you actually spent, but by that point you may as well let it charge off and deal with the collection agency if you're going to settle. They'll typically take 20-25 cents on the dollar of the charged off amount. Charged off credit card debt sells for way less than most people think. If it's been a long time since they got it, they might take even less.

Oh well. Make an omelet, break some eggs.