Chase only major mortgage servicer not offering principal reduction

Chase is only mortgage servicer not to offer principal reduction
Chase is only mortgage servicer not to offer principal reduction

After Bank of America announced its new mortgage modification program that offered principal forgiveness for certain types of loans, I wondered if it was the only bank to do so. Of the four major loan servicers on the HAMP program -- Bank of America, JP Morgan Chase, Wells Fargo Bank and CitiMortgage -- Chase is the only one to tell me that it "doesn't offer principal forgiveness as part of a mortgage modification at this time, but continues to review all possibilities."

Chase is the second largest servicer based on the February 2010 report on the Home Affordable Modification Program (HAMP), Chase has completed the second highest number of modifications -- 171,317. Bank of America held the number one spot in February with 261,216 modification. Wells Fargo came in third with 139,065 modifications and CitiMortgage was last on the list, with 129,383 modifications. These modification numbers include both trial and permanent modifications. So far, only 168,708 modifications are active permanent modifications. All other servicers are well below 100,000 in loan modifications.