If there was any doubt that Mortgage Loan Mods are the people helping, money making opportunity in this market…..read this article for the Orange County Register:
JPMorgan Chase and Citigroup, two of the largest banks in the U.S., are stopping foreclosures for the next few weeks as the Obama administration forms a national loan modification plan. And the Office of Thrift Supervision on Wednesday urged more than 800 savings and loans to do the same.
Citi said in a release today it will not foreclosure on first mortgages on owner-occupied homes if it owns the loan or on similar loans in which investors are in agreement. The bank will continue until Obama announces a loan mod plan or March 12, whichever is sooner.
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And the Associated Press reports JPMorgan CEO Jamie Dimon said his company plans to halt new foreclosures for owner-occupied home loans through March 6. Here’s more from AP:
Dimon made the pledge in a letter to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, who released it on Friday.
“This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31,” Dimon wrote. “We believe three weeks is adequate time for the Treasury to announce - and for us to implement - a new plan.”
Back on Oct. 31, Chase, as JPMorgan’s bank is known, said it would not put additional loans into foreclosure while it expands its loan modification efforts — one part of that was to include customers of Washington Mutual and EMC Mortgage. The program applied to owner-occupied homes when either Chase owns the loan or has investor approval to do modifications.
Then on Jan. 16, Chase said it expanded the program to include $1.1 trillion in investor owned mortgages. Chase said:
Based on the company’s review of investor agreements and its experience with investors and trustees to date, Chase 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.