Chase supports interest-rate freeze initiative to keep homeowners in their homes

The following statement is from Chase Home Lending, which services more than $600 billion in mortgages. Chase Home Lending is the mortgage business of JPMorgan Chase & Co. (NYSE: JPM)

Chase is pleased to join with government and industry leaders in supporting this initiative to keep more homeowners in their homes. The initiative will help us further streamline our process to review and approve loan modifications for qualified homeowners.

We now have an industry-wide framework to identify borrowers who are at risk because their interest rate and monthly payment are scheduled to increase. Financially challenged borrowers who meet the qualification requirements will be eligible for a five-year freeze on their mortgage interest rate. We also will continue our extensive efforts to assist other borrowers who face challenges with their mortgages.