JPMORGAN HAMP FAIL: 200,000 HAMP Mods offered, Only 2% Permanent?
Here is the presentation from JPMorgan Chase yesterday, Dec, 8, 2009 at the Goldman Sachs Financial Services Conference…
Page 18 in the presentation shows the progress of the various modification programs at JPM Chase. Only 2% HAMP trial modification have become permanent (4,302 of 199,033 trial mods).
29% of customers do not make required payments
71% of customers make all 3 required payments
51% do not submit all documents required or submitted documents that require refinement for underwriting
Many borrowers return forms missing key information (signatures, SSN, etc.) or do not return one of four required documents
Current outreach strategy includes 36 calls, 15 letters, and 2 door-knocks per account prior to cancellation for missing documents.