JPMorgan Chase & Co Earnings Call Insights: Housing Market Outlook and Stock Buyback
Housing Market Outlook
Glenn Schorr – Nomura Securities: So, over time, we’ve talked back and forth about housing improving and you were right and it is improving, but curious if you have any metrics for us on say, what’s built into the reserve models and what kind of sensitivity we get (indiscernible), let’s just say hypothetically housing improves 5% in 2013 and again in ’14. I don’t know if you can put metrics around it, but…
Jamie Dimon – Chairman and CEO: We obviously have to make some assumptions going forward in house prices and they are not different than assumptions you would see in most other (public vacation) et cetera. Right now, they have a modest increase in home prices in 2013 and ’14. I’ll stick with just those two years. But if it was 5% better than that, which is possible, they would run through our books in lower charge-offs and lower reserves and just as a rule of thumb, $500 million for one year. It’s a very rough rule of thumb.
Glenn Schorr – Nomura Securities: From what I understand on CCAR this year, they are going to be – the Fed is going to be taking a closer look at internal stress testing and all the procedures that go around that, and I think we are going to get to see that you are going to be disclosing some of those results. I’m not front-running what we are going to see. I’m just curious in general are we going to see that at the same time or we’re going to see that on a lag basis and what you plan on disclosing?