JPMorgan Chase & Co.
Oct 24, 2011

Chase Joins Expanded HARP Program to Help More Homeowners Refinance

New York, October 24, 2011 - Chase today announced that it will participate in the expanded Home Affordable Refinance Program (HARP) so that thousands more Chase customers can take advantage of today's historically low interest rates.

Coordinated through the Federal Housing Finance Agency (FHFA), the expanded program will allow more homeowners who have made their mortgage payments on time in the last year to refinance even though they do not have enough equity in the home to qualify for traditional refinancing. The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The new HARP program will come in phases starting with loan applications dated December 1, 2011 or after.

The enhancements to the HARP program, announced separately today by the FHFA, will include:

"We are pleased to work with FHFA to expand the HARP program because it should help thousands of Chase customers reduce their monthly mortgage payments," said Frank Bisignano, CEO of Mortgage Banking at Chase. "We estimate it could lower a family's mortgage payments by an average of $2,500 a year, providing them more financial flexibility and improving the quality of their lives."

HARP was introduced in April 2009 and was designed to assist homeowners in refinancing their mortgage even though they may owe more than their home is currently worth. Today, the program allows refinancing of qualifying loans if the borrower owes up to 125 percent of the home's value.

HARP usually reduces the borrowers' monthly payment by providing a new loan at a lower interest rate, and it also may be used to replace an adjustable-rate or interest-only loan with a standard fixed interest rate loan.

Chase has been an industry leader in refinancing loans through the HARP program.

Qualifications for HARP for Chase Customers:

For additional information or to determine if you are eligible to participate in HARP, Chase customers should call 800-228-4922.

About JPMorgan Chase & Co
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.