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Chase Rolls Out Modification Program, Halts Some Foreclosures 

Nov 03, 2008By

JP Morgan Chase & Co. [stock JPM][/stock] became the latest large lender to launch an aggressive loan modification plan on Friday, saying it would look to implement a “mass mod” program while voluntarily enacting a foreclosure moratorium on loans it owns in an effort to qualify existing troubled borrowers for the new, expanded program. “It doesn’t make sense for us to wait” to tackle the problem, said Charles Scharf, an executive at the firm, according to the Wall Street Journal.

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