Financial Survival Network, Released on 4/14/20
JP Morgan has stopped making business loans and they’ve tightened up their mortgage lending standards to at least a 700 credit score and 20 percent down. No doubt other banks will follow. It’s reminiscent of the their move last year when they completely pulled out of the repo market overnight. Gold coincidentally rose $22 per ounce while we were speaking. Not a bad move for a Monday.
John Rubino is the founder and manager of the popular financial website DollarCollapse.com. Mr. Rubino is the co-author, with GoldMoney’s James Turk, of The Money Bubble and The Collapse of the Dollar and How to Profit from It. He spent the 1980’s on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst. During the 1990’s he was a featured columnist with TheStreet.com and a frequent contributor to Individual Investor, Online Investor, and Consumers Digest, among many other publications. He currently writes for CFA Magazine.