JP Morgan Chase is putting a new plan in action to try and prevent foreclosure. They plan on offering more mortgage modifications, and start an independent review process to try and catch any unnecessary foreclosures. They will also hire and train additional staff for all the new work to be added from the program implementation. No delinquent loans will be put into foreclosure during the plan implementation time frame, which is marked at 90 days.

Charlie Scharf, Chase CEO of Retail Financial Services, remarked that "While Chase has helped many families already, we feel it is our responsibility to provide additional help to homeowners during these challenging times,...We will work with families who want to save their homes but are struggling to make their payments." Chase estimates that they will assist over 400,000 families to keep their homes throughout the next two years, by analyzing and improving over $70 billion in loans. To date, with their prior efforts, they say they have helped over $250,000 families, with a loan total of around $40 billion.

JP Morgan Chase expects to help 400,000 families keep their homes during the next two years by working out $70 billion worth of loans. The company says its housing rescue efforts have already helped 250,000 families holding about $40 billion in loans.

Chase controls almost $1.5 trillion in mortgages, 80% investor owned and 20% in bank holdings. Their new program will apply to all loans directly owned by the bank. However, they will also take on the role as mortgage servicer for loans owned by investors. In the role of servicer, they will manage collecting payments and bill sending, as well as how to help borrowers that are behind on payments. Chase controls almost $1.5 trillion in mortgages, 80% investor owned and 20% in bank holdings. A spokeswoman for Chase, Christine Holevas, said that the bank was going to try and get approval from investors to use their plan with the investor owned loans. "We'll try to reach out to investors to do the same thing for their homeowners, but this is very complicated." Servicers do not often like to offer modifications when the loan is owned by someone else, as the investors could sue for having their security value reduced without them having given approval.