JPMorgan Chase (JPM) will participate in a Michigan program that will pay unemployed borrower mortgage payments for up to a year or $9,000. The program will use funding through Hardest Hit Program funds provided to the Michigan State Housing Development Authority. The program will begin once the logistics are finalized, but Chase made the announcement today after its foreclosure processes came under fire last week. Michigan is not one of the 23 states in which JPMorgan Chase suspended foreclosures to review affidavits processed by robo-signers. Under the new program, a borrower making a $1,400 monthly mortgage payment for principal, interest, property taxes and insurance could be able to receive $700 a month with the state paying the difference. Chase counselors will send application packages, check the documents and send them to the MSHDA, which will determine qualification. If the application is approved by the 15th day of the month, borrowers will receive help the next month. As of August the unemployment rate in Michigan reached 13.1%, according to the Bureau of Labor Statistics. Write to Jon Prior. The author holds no relevant investments.
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