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October Surprise from Chase: No More Foreclosures
By
Billy Parker
Published Nov 1, 2008
Modified Nov 1, 2008
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By
Billy Parker
Published Nov 1, 2008
Modified Nov 1, 2008
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JP Morgan Chase announced yesterday that it will take a break from leaving Americans in the cold and hold off on foreclosures for the next ninety days. A JP Morgan executive told the press, "We felt it is our responsibility to provide additional help to homeowners during these challenging times. We will work with families who want to save their homes but are struggling to make their payments." In the interim, the company will attempt to find ways to make payments easier on the $110 billion of problem mortgages. Meanwhile in Washington yesterday, Barney Frank complained that banks thus far are using their portion of the $700 million government bailout for "bonuses, dividends and acquisitions."
Tagged
bailout
barney frank
financial crisis
foreclosure
jp morgan chase
Billy Parker
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