Jeff Manning, staff writer for The Oregonian newspaper, released a story Thursday, March 27, 2008, that claims the paper has come into possession of a copy of an internal memo from JP Morgan Chase (NYSE: JPM). According to The Oregonian article, which hints at unsavory or even fraudulent mortgage processing practices, the memo indicates that loan processors can (not should) use creative data entry to alter automated underwriting system results. The Oregonian writer entertains the "dark side" scenario in the tone of his article.That's a real convenient, time-tested ploy for selling newspapers. Kudos for his attempt.
However, representatives for Chase mortgage operations have dismissed the memo as nothing more than a strategic angle on automated process. While no one has actually come out to say they created the memo or why, the company allegedly admits that the document is genuine. I get no sense that anyone from the company who commented on the situation has anything to hide. In fact, company reps appear to be quite forthcoming on the matter.
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