J.P. Morgan Chase & Co. (JPM) said Wednesday that the number of mortgage modifications it has offered its customers since the start of 2009 has topped 900,000 as the lending giant looks to stem potential loan losses.
One of the nation's largest mortgage servicers, J.P. Morgan has offered modifications on 913,309 mortgages in 19 months ended July 31. But just 270,361 have been approved for permanent modification and 214,529 have completed the process, highlighting the ongoing difficulties in permanently lowering monthly payments for struggling borrowers and taking other steps in efforts to prevent home foreclosures.
Nearly one-fourth of J.P. Morgan's modifications have come through the federal government's Home Affordable Modification Program, designed to lower monthly mortgage payments for homeowners who can no longer afford to make those payments.
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