Valuation

Chase-ing Mortgage Modifications 

JP Morgan Chase [stock JPM][/stock] announced today that it has approved 138,000 trial mortgage modifications since April 6 for homeowners on the precipice of foreclosure. Processing began through President Obama’s Making Homes Affordable program, which was unveiled in April. Chase has approved 87,100 trial modifications through MHA, and 44,100 have made their first payment. But for loans that do not meet MHA’s qualifications, Chase offers another tier of modification. Chase has approved through its own program 50,900 loans, and 9,500 have made their first payment.