Chase, the consumer and commercial banking unit of JPMorgan Chase (JPM: 43.57 +0.28%), signed on to participate in the Second Lien Modification Program (2MP) under the Home Affordable Modification Program (HAMP), the company announced today states Housing Wire.
2MP will call for modifications that reduce monthly payments on qualifying home equity loans and lines of credit under certain conditions, including the completion of a HAMP modification of the first mortgage.
“We have invested significant resources to modify mortgages and keep more families in their homes,” said David Lowman, head of home lending at Chase, in a press statement. “This program makes it easier to coordinate with other servicers by using consistent 2MP standards.”
