JPMorgan Chase said today that it's taking some steps to help ensure that subprime borrowers better understand the mortgage loans they're actually getting. The press release describes the new standards, which include the use of a new disclosure statement as well eliminating all adjustable-rate mortgage products with a reset of under 5 years. Other changes include qualifying borrowers at the fully-indexed rate for all ARM mortgage products, eliminating stated-income products and reducing HLTV loan programs for subprime borrowers. The changes stopped short, however, of requiring subprime borrowers to escrow for property taxes and insurance -- something regulators and industry advocates have been pushing for as of late. JPMorgan Chase also highlighted a focus on loan mods for troubled borrowers, saying it is "considering all options available to modify loans" and that it is "continuing to streamline its modification process to make it more efficient for borrowers to obtain workable and affordable solutions." Speaking of which, remember when loan mods at Bear Stearns had hedge fund investors up in arms? Doesn't that seem like ages ago at this point?