Jamie Dimon, chief executive officer of JPMorgan Chase & Co, releases the following statement about the Obama Administrations plan to help struggling homeowners:
We believe that the plan announced today by President Obama is good and strong, comprehensive and thoughtful. I think it will be successful in modifying mortgages in a way thats good for homeowners.
We applaud:
-The focus on making monthly payments affordable for borrowers
-The creation of uniform national standards for mortgage modification to provide consistent and fair treatment of customers across the industry. That standard will include the common-sense application of full income and debt verification
-The partnership with government to reduce interest rates and payments — for borrowers
-The expanded ability of borrowers to take advantage of todays lower rates through refinancing
-The inclusion of financially distressed borrowers even before they are delinquent
-The use of counseling for borrowers with the highest debt ratios
We look forward to working with the administration, Congress, the agencies and other interested parties in implementing these initiatives to help families and the U.S. economy.
L.D.