NEW YORK — JPMorgan Chase & Co. on Friday said it had expanded a mortgage-modification program to cover investor-owned mortgages serviced by Chase, the company's U.S. consumer and commercial banking business.
Chase said its expansion of a foreclosure-prevention program announced Oct. 31 could cover an additional $1.1 trillion in investor-owned loans, including mortgages held in securitizations, or bundles of mortgages sold to investors.
The move expands the program from mortgages that New York-based Chase owns to those that it services by collecting payments and distributing them to investors.
Chase said in a statement that it "believes it can legally modify the vast majority of mortgages owned by investors consistent with the relevant investor agreements and the best interests of investors, and intends to make modifications where appropriate. Chase will continue to seek investor approval in the small number of situations where investor agreements contain specific terms that may limit modification actions Chase can take."