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JPMorgan Chase to increase mortgage modification program

2009-01-16 19:42:49 (GMT) (Caymanmama.com - Banks & Banking News)

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JPMorgan Chase announced Friday that it has increased a mortgage modification program to cover investor-owned mortgages serviced by Chase

Chicago, Illinois (CaymanMama.com) — JPMorgan Chase announced Friday that it has increased a mortgage modification program to cover investor-owned mortgages serviced by Chase.

The company said the expansion of the program which aims to prevent foreclosures will add an additional $1.1 trillion in investor-owned loans. Those also included mortgages held in securitizations, or groups of mortgages that had been sold to investors.

The change will increase the program from Chase-owned mortgages to mortgages that Chase services by pulling together homeowner payments and allocating the money to investors.

Chase says it “believes it can legally modify the vast majority of mortgages owned by investors consistent with the relevant investor agreements and the best interests of investors, and intends to make modifications where appropriate.

“Chase will continue to seek investor approval in the small number of situations where investor agreements contain specific terms that may limit modification actions Chase can take.”

Through the foreclosure-prevention program and other initiatives, Chase said it has prevented approximately 330,000 foreclosures since early 2007, mainly by modifying loan terms.



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