JPMorgan Chase opens Chicago center to deal with troubled mortgages
By James P. Miller
Copyright © 2009, Chicago Tribune
8:10 AM CDT, April 8, 2009
http://www.chicagotribune.com/business/chi-biz-jpmorgan-chase-mortgage-center-april8,0,5982655.story
JPMorgan Chase said Wednesday that the lender opened the first of its "homeownership centers" in the Chicago area, as part of its effort to deal with a surge in problems among mortgage borrowers.
The New York consumer and commercial lender is opening a total of 24 such locations around the country, to allow borrowers who have a home loan serviced by the holding company's Chase mortgage unit, or by Chase's recently acquired Washington Mutual and EMC home-loan operations.
The locations, which are preponderantly based in Florida, California and other areas where the housing market's implosion has caused the biggest rate of mortgage defaults, are designed to let troubled borrowers meet face to to face with lending counselors in an effort to rework their mortgages.
Chase, which began opening the centers in February, has been seeking to site the centers in the front-office space of bank branches and home-loan offices.
The first Chicago area center opened in Melrose Park, at 1836 N. Broadway, the company said.
A second Chicago-area center will open at an undisclosed location on Chicago's South Side within a matter of weeks, Chase said.
jpmiller@tribune.com
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