For the last year, JPMorgan’s Chief Administrative Officer Frank Bisignano has been mired in mortgages.
Tapped by the CEO Jamie Dimon in February of 2011 to fix JPMorgan Chase’s mortgage business, Bisignano was the bank’s lead man during the negotiations with the Federal government and state attorneys general over a mortgage servicing settlement.
Bisignano said the recently signed $25 billion dollar deal is a positive for the five banks involved, homeowners and the housing market, a market he said is now at a bottom.
He credits Housing and Urban Development Secretary Shaun Donovan with keeping the disparate parties at the table, and getting the deal done after more than a year of near deals.
For his part, Bisignano jumped in the fray last fall armed with a pair of HUD cufflinks given to him by the agency’s former Secretary Mel Martinez.
Bisignano wore the cufflinks every day until the deal was done, a deal he said was critical for getting the housing market back on track.
With that behind him he is now involved in other efforts to revive the country’s housing market.
Bisignano tells CNBC the next effort by banks, regulators and private investors will likely turning foreclosed properties into rental units.
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