February 2, 2011

Chase Expands Efforts to Keep People in Their Homes, Increases Number of Chase Homeownership Centers by 50 Percent

Will Add 25 New Centers in 2011

Chase Expands Efforts to Keep People in Their Homes, Increases Number of Chase Homeownership Centers by 50 Percent

Chase Expands Efforts to Keep People in Their Homes, Increases Number of Chase Homeownership Centers by 50 Percent

NEW YORK, February 2, 2011 - Chase announced today plans to add 25 new Chase Homeownership Centers in 19 states this year, expanding its program to provide borrowers in the hardest-hit communities with the knowledge and resources they need to explore all the ways they can stay their homes. This investment will bring the total number of Chase Homeownership Centers to 76 nationwide.

"We want to reach as many homeowners as possible and try to help," said David Lowman, CEO of Chase Home Lending. "The best way to help borrowers find ways to stay in their homes is to sit down face-to-face and discuss their individual circumstances. Our Chase Homeownership Centers have proven a great way to do that. We educate borrowers on their options and help structure a solution that's right for them. Our new centers will dramatically expand the reach of this program and we hope help keep thousands more homeowners in their homes."

Since 2009, Chase has met with 120,000 customers at its 51 Chase Homeownership Centers. In addition, Chase held 1,082 borrower outreach events, reaching an additional 61,000 borrowers.

This year, Chase will open centers for the first time in 12 states: Connecticut, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, North Carolina, Oregon, Utah and Wisconsin. It will add centers in California, Florida, Illinois, New York/New Jersey, Texas and Washington.

All of the centers are open six days a week. Information about the locations -- including address, hours, directions and telephone numbers - is available at www.chase.com/myhome.

This expansion will bring Chase Homeownership Centers to a total of 27 states and the District of Columbia, reaching the vast majority of borrowers with Chase mortgages. In addition, over the course of 2011, Chase will host at least 32 multi-day events across the country, bringing the same services to Chase customers in more than 25 additional cities.

"Many homeowners in communities across the country continue to struggle with their monthly mortgage payments," said Steve Stein, Chase Senior Vice President who manages the firm's homeownership preservation efforts. "Foreclosure should always be a last resort. It is in everyone's interests, wherever possible, to find ways to keep people in their homes."

Chase Homeownership Center counselors will help customers understand the full range of options available that could allow them to stay in their homes. They will also provide a single point of contact and accountability to work with them through the process, including mortgage modification applications, document collections, and finalizing and signing mortgage modification documents.

Chase's commitment to face-to-face counseling is the only such program available from a national mortgage servicer today. All Homeownership Centers have multilingual staff to ensure that customers from all backgrounds can benefit from the service.

The expansion of Chase Homeownership Centers is just one of the many ways that Chase continues to help keep customers in their homes. Other efforts include:

  • Partnering with the Federal Government: Chase was the first mortgage servicer to implement the Federal Government's Home Affordable Modification Program (HAMP) in the spring of 2009.

  • Foreclosure prevention: Chase has prevented 468,000 foreclosures since 2009 through modifications, forbearance, short sales, repayment plans, term extensions, and deeds-in-lieu/settlements. Typically, Chase attempts to contact borrowers about 100 times before a foreclosure sale.

  • Adding staff: Chase has added nearly 8,000 employees since 2009 to provide more dedicated staff for customers. Each modification customer has access to one of 2,000 dedicated relationship managers to provide consistent, efficient help through the process.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. Chase serves consumers and small businesses through 5,200 bank branches, 16,000 ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities. Chase also has 90 million credit cards issued. More information about Chase is available at www.chase.com


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