With defaults on the rise JP Morgan is apparently hearing the beat of a different drummer, as illustrated by their recent announcement that they will be hiring over 1100 new loan officers this year. JP Morgan should be a familiar name to you since they are the Wall Street bank who used taxpayer dollars to acquire Washington Mutual for pennies on the dollar when the real estate market started crashing. Ringing a bell yet? Pretty sure it helped out.

After wrapping up the WAMU purchase, they then turned their cross hairs on Bear Stearns, after former Goldman Sachs leaders Ben Bernanke and Hank Paulson decided they were not worthy of receiving bailout funds.

JP’s main strategy states that the new loan officers will be strategically placed across the nation and will work from local loan hubs and banks. The confusing part is the reasoning for the hiring decision. The explanation states that they can render the best service to people seeking home loans and be best positioned for when the real estate market does in fact turn around. They didn’t use those exact words, but it does communicate the point.

All of this leads you to ask exactly what are they seeing that so many other are apparently not seeing? Every week people seem to be losing their jobs more than ever before? For the majority of people, this is illogical, unless they know more than everybody else somehow.

Since I have no choice, I now have to make my succinct point. The banks have been working diligently to under mine American homeowners and buyers, by holding back on financing real estate transactions to create a market surge that they can ride for higher profits.

You frequently see these kinds of confusing moves when an accounting department is trying to hide something that they don’t want divulged, but this action may signal a turn around for our national real estate market!

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