Jamie Dimon said exactly what you would expect from a big bank CEO who is confronted with the likelihood that bankruptcy judges will modify the principal and interest rates on mortgages. He thinks it's a really bad idea, reports the Financial Times. No bank wants a third party to muck around with the terms on its loans, especially when the outcome is likely to be detrimental to the bank.

This makes Citi's turnabout on this issue all the more interesting. Most people assume the government is now calling the shots at Citi, and somehow persuaded Citi into backing the move and the entire reform bill. This may or may not be fair. It would be nice if Citi shed some light on its new position.

For more:
- here's the Financial Times article

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