Chase modifies 138,000 mortgages - Boston Business Journal:

cicugaha.wordpress.com
The figure includes 87,100 modificationsa through the Making Home Affordable program andanother 50,900 throug its own mortgage-modification program. Of thosee modifications, 44,100 borrowers have made their first payment undedr the Making Home Affordable programand 9,5009 have made their firsty payment under the Chase modification program, New York City-based Chased said in a news release. Under the federallyy backed Making HomeAffordable program, struggling homeowners can reduce mortgage paymentds for principal, interest, property taxe s and hazard insurance to 31 percent of their gross usually by reducing the interest rate or extendinbg the length of the loan.
Chase’s modificatioj plan is a similar plan used for homeowners who do not qualifyy for the Making HomeAffordable program, the bank said in a news “We have made terrific progress since April 6 in helpinh families with trial modifications by ramping up our capacity through hiring people, addinf office space and investing in said Charlie Scharf, director of retaipl financial services at (NYSE: JPM) “We also clearly understands that many more families are anxioue about their homes and need to hear from us as quicklyy as possible.
We are committed to do whatever is necessaryh to help homeowners who qualify for these Inthe release, Chase said it has met demand for servinh customers by hiring 950 loan counselors in its U.S. operations, bringinv its total to 3,500. It plans to add hundreds more in thecoming weeks. It also has hirede 2,000 mortgage operations employees and opened 27 Chase HomeownershipoCenters nationwide. More than 20,000 homeowners have met with borrowerw atthe centers, the release said.