The Real Deal Miami

JPMorgan Chase to halt foreclosures for 90 days

October 31, 2008 03:40PM

JPMorgan Chase announced today that it will stop foreclosures for 90 days while working on ways to help borrowers stay in their homes. The company will likely offer to refinance mortgages, open regional counseling centers, including one in Florida, for homeowners, and donate or discount homes for community groups, nonprofits and government programs. The plan could help 400,000 families with $70 billion in loans, the company said. JPMorgan Chase received $25 billion from the U.S. Treasury Department.