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By Elizabeth Hester Oct. 31 (Bloomberg) — JPMorgan Chase & Co., the largest U.S. bank by market value, plans to modify terms on $110 billion of mortgages and forgo foreclosure proceedings on all real-estate loans while the changes are implemented in the next 90 days. The offer extends to customers of Washington Mutual Inc., the savings and loan JPMorgan agreed to buy last month, the New York-based bank said today in a statement. Loan modifications may include interest-rate or principal reductions. The bank said it will establish 24 regional counseling centers to provide face-to- face help in areas with high delinquency rates.
“We felt it is our responsibility to provide additional help to homeowners during these challenging times,” said Charlie Scharf, chief executive officer of retail financial services at JPMorgan Chase. “We will work with families who want to save their homes but are struggling to make their payments.” Remember, a few months back when Jamie Dimon said that they got aggressive in the mortgage market pushing products like Jumbo Prime especially hard in 2007? Well, below show the extent at which their past loan originations are turning into loan defaults.
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| Last Updated ( Monday, 13 July 2009 15:26 ) | |
