November 7th, 2008 by Reed Allmand 
JPMorgan Chase, who received $25 billion through the U.S. Treasury Department, announced that it will not initiate foreclosure on any more homes for the next 90 days while it executes a plan to help borrowers save their homes. Chase plans to offer refinanced mortgages to homeowners in toxic loans and facing foreclosure. They will hire 300 loan counselors and 150 workers to review mortgages and make sure they are offered loan modifications before being placed into foreclosure. Chase’s new plan could help over 400,000 homeowners with $70 billion in loans. Chase will offer homeowners with payment option ARMs such as 30 year fixed-rate loans with affordable payments, principal deferral and interest-only payments for 10 years. Chase will also offer 500 discounted or donated homes to community groups, nonprofits and government programs.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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