J.P. Morgan Chase & Company is all set to expand its program for mortgage loans in order to make it appealing to the borrowers.
The two-month old program for the modification of mortgages will now include loans which the bank has sold to investors, apart from the mortgages it owns. The loan amount the bank has sold to investors is estimated to be more than $1 trillion. The measure will make monthly mortgage payments lower for those whose loans are not owned by the bank.
It is the political pressure and mounting losses that has led many banks to modify their loan structure by reducing interest rates or extending the terms for loan repayment.