May 26, 2016 (New York, NY ) – Chase has provided over $20 billion in consumer relief to struggling homeowners as part of the Department of Housing and Urban Development’s (HUD) RMBS Settlement, the company announced today. Pending validation from the independent Settlement Monitor, Joseph A. Smith, Jr., Chase will have satisfied its relief requirements under the Settlement over a year in advance of the December 31st, 2017 deadline, including $4 billion in consumer relief credits for total mortgage relief
“We’ve been there for our customers from the beginning of the crisis and remain committed to supporting those who require assistance. We’re pleased with the findings of today’s report which speaks to our continued focus on helping our customers remain in their homes.”
Peter Muriungi, head of mortgage servicing at Chase
The company’s consumer relief efforts as part of the RMBS settlement from November 2013 through May 2016 resulted in:
- $15.7 billion of loans to families with low to moderate income or in disaster areas
- $1.2 billion in principal forgiveness on first-lien mortgages
- $1.1 billion of new loans to underwater customers at lower rates
- $1 billion of first lien forbearance
Chase continues to offer initiatives to lower customers’ interest rates, extend terms, defer principal and forgive principal to make monthly payments more affordable for struggling homeowners. Since 2009, Chase has:
- Reduced principal balances by nearly $10 billion in first-lien modifications
- Helped nearly 1.2 million families avoid foreclosure
- Provided loan modifications to more than 650,000 customers allowing them to stay in their homes
All final consumer relief credits are subject to validation by the independent Monitor Joseph A. Smith, Jr. Even though Chase has exceeded its consumer relief obligation under the RMBS Settlement, Chase continues to work with customers to explore reasonable alternatives to foreclosure, including principal reduction modifications where appropriate, and to help customers understand and access government-based homeowners’ assistance programs.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,300 branches, 15,500 ATMs, mobile, online and by phone. For more information, go to Chase.com.