JPMorgan Chase said it is expanding it loan modification program to keep more people in their homes and plans to extend the effort to its Washington Mutual and EMC Mortgage divisions. "While implementing these enhancements, Chase will not put any additional loans into the foreclosure process," the company said. (JPM bought WaMu last month and took control of EMC when it acquired Bear Stearns.) As part of this initiative, the lender is setting up regional counseling centers, hiring additional councilors and introducing new financing alternatives. "The enhanced program is expected to help 400,000 families -- with $70 billion in loans -- in the next two years," the banking company said.
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