Thursday, March 11, 2010
LA Times blogs: Chase apparently the worst at mortgage modifications
One of the blogs on the LA Times has an interesting report showing that JP Morgan Chase is - for whatever reason - the worst among the big banks at finalizing trial modifications to mortgages under a government program. These trial modifications do not appear to write down principal - thus, they are best suited for borrowers who are in temporary difficulty. In any case, Chase claims it hasn't been receiving adequate documentation of income from its borrowers.