Chase adds $1.1 trillion investor-owned mortgages to its modification efforts

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Chase adds $1.1 trillion investor-owned mortgages to its modification efforts Powered By Docstoc
					Chase adds $1.1 trillion investor-owned mortgages to its modification efforts
Anonymous
Mortgage Banking; Mar 2009; 69, 6; Docstoc
pg. 10




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Description: New York-based Chase -- the US consumer and commercial banking business of JPMorgan Chase & Co, New York -- announced in January it has extended its mortgage-modification efforts to include the $1.1 trillion of investor-owned mortgages it services. Chase announced enhanced foreclosure-prevention efforts on October 31, and the company now has in place the people, programs and tools to help more borrowers stay in their homes. Since early 2007, Charles W. Scharf, CEO for retail financial services at Chase, said, Chase has prevented about 330,000 foreclosures, primarily by modifying loan terms.
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