Dick Bove: Everyone Stop Paying Your Mortgage NOW!

Dick Bove is pissed about the new mortgage settlement: “If you’re going to do something which is going to reduce the value of existing homes where people are making payments then every American should stop making payments on his mortgages and send a letter to the Attorney General in his state and say ‘I qualify to have my principal reduced because I’m not going to make any more payments on my house.'”

Think that’s a good idea?

Here’s Dick ranting live on CNBC:

Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citi (NYSE:C) and Ally Financial are all expected to be part of the mortgage settlement.

To contact the reporter on this story: Damien Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com