Chase announced today that it provided mortgage relief to more than 87,000 homeowners in just nine months through the national mortgage settlement. The company expects to fulfill all its settlement commitments within the first year or shortly thereafter.
"We have helped 87,000 homeowners and continue to proactively reach out to individuals and families who need help,” said Kevin Watters, Chief Executive Officer of Mortgage Banking. “The $7.9 billion in relief we’ve provided has not only helped homeowners, but it has also made a difference in their neighborhoods and communities.”
The company’s efforts from March 1 through December 31 included:
- Refinancing loans totaling $3 billion to underwater borrowers who are current on their mortgage
- Reducing customers’ interest rates by an average of 2%
- Forgiving nearly $2 billion in principal on first lien mortgages
- Reducing customers’ principal balance by an average of $115,000 in modifying first mortgages
- Forgiving an average of $118,000 to facilitate a short sale for those who couldn’t afford a modified payment or no longer want to stay in their homes
Chase fulfilled its refinance commitment under the settlement in September 2012. Since then, Chase has made significant progress toward satisfying its first and second lien modification requirements as well, reducing principal for an additional 30 percent of homeowners in only three months.
In September, the company also completed its requirements under two separate but related agreements with the states of California and Florida. Chase provided $1.95 billion of consumer relief in California and $1 billion in Florida.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and 4 million small businesses through more than 5,500 bank branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.
