JPMorgan expands mortgage controls
Published: Sat, Nov. 01, 2008 12:30AM
Modified Sat, Nov. 01, 2008 01:23AM
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closeJPMorgan Chase & Co. is the latest major bank to beef up its mortgage modification efforts as the government also considers a plan to help homeowners avoid foreclosure.
JPMorgan's expanded program aims to help avoid foreclosures on an estimated $70 billion in loans, which could help as many as 400,000 customers. The New York bank has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007. JPMorgan will not put any loans into foreclosure as it implements the expanded program over the next 90 days.
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