Chase Helps 87,000 Homeowners Through National Mortgage Settlement

  Chase Helps 87,000 Homeowners Through National Mortgage Settlement

  Expects to fulfill its commitment within the first year of the settlement

Business Wire

NEW YORK -- February 21, 2013

Chase announced today that it provided mortgage relief to more than 87,000
homeowners in just nine months through the national mortgage settlement. The
company expects to fulfill all its settlement commitments within the first
year or shortly thereafter.

"We have helped 87,000 homeowners and continue to proactively reach out to
individuals and families who need help,” said Kevin Watters, Chief Executive
Officer of Mortgage Banking. “The $7.9 billion in relief we’ve provided has
not only helped homeowners, but it has also made a difference in their
neighborhoods and communities.”

The company’s efforts from March 1 through December 31 included:

  *Refinancing loans totaling $3 billion to underwater borrowers who are
    current on their mortgage
  *Reducing customers’ interest rates by an average of 2%
  *Forgiving nearly $2 billion in principal on first lien mortgages
  *Reducing customers’ principal balance by an average of $115,000 in
    modifying first mortgages
  *Forgiving an average of $118,000 to facilitate a short sale for those who
    couldn’t afford a modified payment or no longer want to stay in their

Chase fulfilled its refinance commitment under the settlement in September
2012. Since then, Chase has made significant progress toward satisfying its
first and second lien modification requirements as well, reducing principal
for an additional 30 percent of homeowners in only three months.

In September, the company also completed its requirements under two separate
but related agreements with the states of California and Florida. Chase
provided $1.95 billion of consumer relief in California and $1 billion in

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


Media contact:
Amy Bonitatibus, 614.422.6699
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