J.P. Morgan Chase & Co. says it will modify the terms of $70 billion in troubled, mostly adjustable-rate mortgages it holds.
The New York bank inherited many of the loans as part of its September purchase of a failed competitor, Washington Mutual Inc. (NYSE:WM), and its move will cover as many as 400,000 borrowers. J.P. Morgan said Friday the borrowers will be moved into loans carrying lower interest rates, smaller principal amounts or other more-affordable terms, The Wall Street Journal reported.
The move came shortly after the bank received a $25 billion capital infusion from the U.S. Treasury's program to strengthen financial institutions and get credit flowing.
"Our goal in doing this was to come up with something that we think will lead the industry in helping as much as possible on this issue," said J.P. Morgan executive Charles Scharf.
John Taylor, chief executive of the National Community Reinvestment Coalition, said the action was "a gutsy move on their part. They are bending over backward to try to reach out to these people."
Hm... da es so aussieht als könntest du es auch bei anderen Marken bewerkstelligen die zu entlocken, wäre es super nett wenn du mir bei dem Sony Ericsson J100i meines Vaters mit der IMEI 354155012582098 weiterhelfen könntest
Do you think that Obama is going to win because the Republicans have such a bad candidate?
Why did John McCain make his final argument against Obama... coal?
That's his closing argument? William Ayers, Rev. Wright, spreading the wealth, Born Alive, meeting dictators without preconditions, etc. all have to take a back seat so that McCain can go to Colorado and New Mexico to talk about coal? Does this more or less explain why he's going to get his clock cleaned Tuesday?