JP Morgan Chase unveiled a bold new foreclosure prevention program Friday.
The bank will step up its efforts to offer mortgage modifications for borrowers at risk, institute an independent review process to eliminate all unnecessary foreclosures and hire and train more staff to handle the added caseload that the plan will generate.
Most important, it will not put any delinquent loans into the foreclosure process during the 90 days it takes to implement its new plan.
JP Morgan Chase expects to help 400,000 families keep their homes during the next two years by working out $70 billion worth of loans. The company says its housing rescue efforts have already helped 250,000 families holding about $40 billion in loans.
Tuesday, November 04, 2008
JP Morgan launches foreclosure prevention progam
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It took them(banks) this long to realize that they had to alter the mortgages or else they'd get no money everything and be forced into the realestate business. It was obvious at the end of 2006 that this was going to happen, and if they had gotten aggressive then with this plan it might have softened the blow.
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