JPMorgan Chase Freezes Foreclosures

The big bank ramps up a program to modify terms for 400,000 homeowners and kills a highly criticized type of mortgage

In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase (JPM) announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any new homes into foreclosure.

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