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Dimon, retail chief bullish on mortgage business
Tuesday March 6, 4:58 pm ET
By David Weidner
J.P. Morgan CEO also sees opportunity in mortgage industry

NEW YORK (MarketWatch) -- Jamie Dimon is looking at the mortgage industry, and unlike a lot of investors, he likes what he sees, at least as far as his bank is concerned.
The chairman and chief executive of J.P. Morgan Chase & Co. (NYSE:JPM - News) on Tuesday touted the bank's ability to withstand a crisis in the subprime sector, higher interest rates and a tightening credit cycle. Instead of fearing a meltdown, Dimon said a tougher environment could mean more opportunity for the home finance and investment bank to work together.

"Our opportunity to build our mortgage business today was stronger than it was several weeks ago," said Dimon, noting that the bank's home finance unit has worked on $25 billion in financings or securitizations with the investment bank. "We're very conscious of the changing credit environment."

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Dimon also cooled speculation that the bank was on the prowl for a mega deal, saying he wasn't interested in "growth for growth's sake." He did, however, say that executives were not bogged down with the integration of Bank One Corp. the Chicago bank acquired for $60 billion in 2004.

"We have the time we can spare," Dimon said. "Acquisition capable does not mean we will do one. The business reason has to be right, the price to be right as does the ability to execute."

Dimon said he's interested in a lot of businesses but banks "will always make sense" and that he wants to buy internationally in some countries. He also said the bank is unlikely to shed a business through a spinoff if it's underperforming.

Talking subprime
Chase's retail arm underwrote $18.4 billion in loans and $5.1 billion in subprime loans that the investment bank sold in 2006. The investment bank bought $19.4 billion in mortgages and Chase's home lending arm serviced, Charles Scharf said.
"The way it drives product for the rest of the company is critical," retail banking head Charles Scharf said, adding that the bank was aiming to keep its portfolio diversified with loans of different credit levels. "We're not doing anything crazy."

J.P. Morgan's mortgage banking arm swung to a $17 million loss last year after earning $379 million in 2005. The bank had $11.5 billion production revenue from subprime lending and $66 billion in loans considered prime. Subprime 30-day delinquencies at the bank rose from less than 4% at the start of 2006 to more than 6% in January.

Overall, the bank has $347 in prime loans and $20 billion, or 5%, in subprime lending. Of that $13.2 billlion is in mortgages, $2.4 billion is in auto loans, $3 billion is in credit cards and $1.5 billion in home equity lending.

About $4.5 billion of those subprime mortgage loans are expected to be sold before July, the company said.

"We've been cautious on subprime," Dimon said. "We've been showing you subprime numbers now for six months and nine months...we think we're fine. I'm not going to make a prediction about what's going to happen in the future, but we think we're in pretty good shape. In fact, I will tell you we will be growing our mortgage business."

Dimon said the bank watches few big economic numbers, but one of those was employment. At 4% to 6%, Dimon said that's a number he's comfortable with.