Chase provides $11 billion in mortgage relief ahead of schedule
JPMorgan Chase announced on Tuesday it provided 126,000 homeowners with $11 billion in total mortgage relief, as required under the National Mortgage Settlement, ahead of its goal of two years.
“We worked very hard to help homeowners as quickly as possible,” Kevin Watters, the CEO of mortgage banking at Chase, said.
Between March 2012 and April 15, the bank forgave $2.9 billion in principal on first-lien mortgages, refinanced $3 billion of loans to underwater borrowers current on mortgages, reduced loans by an average of $121,000 in forgiven principal, forgave an average $118,000 to facilitate a short sale to individuals who could not afford modification and implemented 320 servicing standards.
“We have helped nearly 1 million homeowners in the most difficult years since the Great Depression,” Watters said. “We have also invested in improving our processes and systems to help families achieve and sustain the American dream of homeownership.”