Mortgage Payment Program

This past week the Federal Reserve announced the results of the financial “stress test” it conducted on the top financial institutions. Of the 19 reviewed, 9 came through with passing marks. I was personally pleased to see that our primary business banking partner J.P. Morgan Chase Bank came through with passing marks, but that was not very surprising. Jamie Diamond and group have outperformed their banking peers for several years in terms of both results and sound business decisions. It also confirms that we made a good decision in choosing them as a banking partner for our clients. Fed chief Bernake was quoted as saying “the results… should provide considerable comfort.” Even though more than half of the institutions tested need to raise capital, the quote makes sense in that the institutions are still viable and not at risk of being shut down. But I wonder if the average American who is banking with or has funds held by a small regional bank which was not put through the stress test is comfortable.