US Treasury statistics for the government’s programme to modify delinquent mortgages show that JPMorgan Chase is renegotiating mortgages at a higher rate than Bank of America or Wells Fargo.
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The statistics, which reflect mortgage modifications made through July, show that almost 1.4m US homeowners have requested information about the government’s mortgage modification programme, and that 407,000 offers have been extended by taxpayer-supported banks to modify mortgages. More than 235,000 loan modifications have begun.
Of the 38 banks and mortgage servicers participating in the programme, the four largest are BofA, Wells, JPMorgan Chase and Citi. Within that group, JPMorgan Chase reported an estimated 394,000 delinquent loans on its books and extended mortgage modification offers to 30 per cent of that group, or 117,000.
The bank renegotiated 20 per cent, or 79,000, of its problem loans.
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