NEW YORK (AP) _ JPMorgan Chase is the latest major bank to beef
up its mortgage modification efforts as the government also
considers a plan to help homeowners avoid foreclosure.
JPMorgan's expanded program aims to help avoid foreclosures on
an estimated $70 billion in loans, which could help as many as
400,000 customers. It's already modified about $40 billion in
mortgages, helping 250,000 customers since early 2007.
JPMorgan will not put any loans into foreclosure as it
implements the expanded program over the next 90 days.
Meanwhile, the Bush administration is expected to soon announce
a new plan to help about 3 million homeowners avoid foreclosure,
though administration officials say several different ideas are on
the table, and that no announcement is imminent.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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