Market Updates
JP Morgan to Modify $110 B of Mortgages
123jump.com Staff
31 Oct, 2008
New York City
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U.S. stocks rallied after JP Morgan Chase issued a statement to not add any more new loans to foreclosure process before offering modified terms. The widened program is likely to benefit 400,000 families with $110 billion mortgage loans.
[R]4:00PM New York – JP Morgan Chase will expand its loan modification program and not put more homes in foreclosures.[/R]
Chase, the consumer and commercial business of JP Morgan Chase & Company in a press release reported that it will not put any more homes in foreclosures.
Apparently at the urging of the U.S. Senate Banking and U.S. House Financial Services Committees, FDIC and various state attorneys general and community group the Chase was forced to offer this program.
The mortgage lending arm has been working with 250,000 families with $40 billion in mortgage loans since 2007 and the program will be expanded to help 400,000 with loans of $110 billion.
The retail arm will set up 24 regional counseling centers and hire 300 counselors to work with troubled home owners. The bank will offer ‘pre-qualified modifications’ and review each loan to before moving it into the foreclosure.
Charlie Scharf, CEO of Retail Financial Services at Chase said, ""We will work with families who want to save their homes but are struggling to make their payments.""
Chase also said that it will not add loans to its foreclosure process while medications to loans are negotiated with home owners.
The Chase action lifted market indexes at close.
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