Chase Fulfills Refinance Commitment under National Mortgage Settlement

  Chase Fulfills Refinance Commitment under National Mortgage Settlement

    Satisfies relief requirements under California and Florida agreements

Business Wire

NEW YORK -- November 14, 2012

Chase announced today that it fulfilled its refinance commitment under the
national mortgage settlement, providing significant interest rate relief to
underwater homeowners. The company also satisfied its requirements under two
separate but related agreements with the states of California and Florida. In
these agreements, which were signed simultaneous to the national mortgage
settlement agreement, Chase agreed to provide $1.95 billion of consumer relief
activities in California and $1 billion of consumer relief in Florida.

“In just over six months, Chase has helped 75,000 mortgage customers and
offered relief to more than 40,000 individuals and families so they can stay
in their homes and avoid foreclosure,” said Frank Bisignano, JPMC Co-Chief
Operating Officer and Chief Executive Officer of Chase Mortgage Banking. “Our
progress toward fulfilling our overall commitment under the settlement
supports our ongoing efforts to offer sustainable solutions to homeowners.”

Chase has made significant progress in helping homeowners take advantage of
low interest rates, refinancing loans totaling $3 billion to underwater
borrowers who are current on their mortgage. As of September 30, Chase has
helped over 12,000 homeowners refinance their mortgage, reducing their
interest rates by an average of 2% and saving them approximately $250 each
month.

Chase has also offered significant relief to homeowners who are behind on
their mortgage payments through principal reduction. Chase has approved or
completed $3 billion in first lien modifications for nearly 30,000 homeowners
through September 30.

Details of the company’s home-retention solutions, foreclosure alternatives,
and other loss mitigation efforts from March 1 to September 30 include:

  *Offering $7 billion in relief to struggling homeowners
  *Reducing customers’ principal balance by an average of $97,000 for 1^st
    lien modifications
  *Forgiving an average of $118,000 to facilitate a short sale for those who
    don’t qualify for a modification or no longer want to stay in their homes
  *Making it easier for customers to do business with us by implementing all
    320 servicing standards as outlined in the national mortgage settlement

Chase’s share of the $25 billion total settlement is approximately $5.3
billion, of which Chase paid about $1.1 billion in cash. The remainder is
fulfilled by the assistance offered to borrowers, including first and second
lien principal reduction modifications for borrowers in default, and over $500
million in refinancing to underwater borrowers who are current on their loans.
The programs established under the settlement are supplementing our existing
loan modification and other foreclosure alternative programs, and providing
additional opportunities to give relief to borrowers struggling to make their
mortgage payments.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and 4 million small businesses through more than 5,500 bank
branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile
banking as well as through relationships with auto dealerships. More
information about Chase is available at www.chase.com.

Contact:

Chase
Media contact:
Amy Bonitatibus, 614.422.6699
amy.m.bonitatibus@jpmorgan.com
 
Press spacebar to pause and continue. Press esc to stop.