JPMorgan Chase yesterday announced plans to change the terms of $1,100bn-worth of mortgages in an effort to help hundreds of thousands of people stay in their homes.
JPMorgan’s move to modify all the loans it services is an extension of a November plan by the bank – one of the biggest US lenders to homeowners – to modify $70bn in mortgages it directly owned.
The programme will involve reductions in interest rates or principal repayments and other loan modifications.
Financial Times 17/01/09 page 19
