TWO DIFFERENT STORIES… HARD TO FIGURE OUT

In the Tribune business section on Thursday were 2 articles with 2 different stories and its hard to figure out or who to believe.

The first article was on the front page of the business section ” Illinois Housing Defaults Double” the other was on page 4 of the same section “$3.3 billion profit at JPMorgan tops estimates”.

So here is my question, is JPMorgan  making such huge profits? I think the answer can be found in the article on the first page and that would be the homeowner.

Almost 15,000 Illinois homeowners lost their homes to foreclosure this year in the first 3 months. This is twice as many homes that went back to lenders during the same period in 2009.

Clearly there is a disconnect between what is being reported and the realities of the housing market as it relates to homeowners in Illinois.

According to Jamie Diamond, Chase Bank CEO, the US economy is clearly showing signs of improvement.

Well Jamie maybe it is showing signs at your bank with profits up from $2.1 billion in 2009 to $3.3 billion in 2010 but don’t tell that to homeowners who are loosing their homes to foreclosure in Illinois because I do not think they can appreciate what you are saying.

Maybe thats why this news is on the 4th page of the Business section instead of page 1.

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