Wednesday, November 05, 2008

JPMorgan Extends an Olive Branch

A couple key announcements from JP Morgan Chase here and here.

The first piece outlines Chase's plan to halt new foreclosure filings for the next 90 days or so. The second examines their plan to expand their mortgage-modification program. Some program specifics:

In addition to Chase loans, the program will also be offered to customers with loans held by Washington Mutual Inc. and EMC. JPMorgan acquired Washington Mutual last month after the bank became the largest in the nation's history to fail. EMC was a mortgage unit of Bear Stearns Cos., which JPMorgan acquired in February...

JPMorgan's enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.


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