THE SANCTITY OF CONTRACTS

JPMorgan Chase Says Contracts Too Sacred To Give Homeowners Another Chance

“I used to be a mortgage banker
Who bundled loans to be resold
Until the market lost its anchor
And set us back a billionfold.
At first it happened quite mundanely;
And then it clobbered us insanely:
A tidal wave of subprime loans
Deep-sixed us down to Davy Jones.
We used to think we walked on water;
But now we’re sunk beneath bad debt
And know we need a safety net
To help escape the coming slaughter
Of banks which like the killer whale
Were thought to be too big to fail.”