If you need assistance, please call 858-345-9040

Great New Banking News!

Monday, January 29, 2018   /   by Sean Zanganeh

Great New Banking News!

Howdy!

My goal and commitment is to keep updated with everything that is going on in the world and then to share it with you. I will do my best to sort through the pages and pages of news and only provide you with the best, most resourceful information possible.

This article that I found from the National Association of Realtors is Great News for more than just the industry but the economy as a whole.

Banks Spend Billions to Help Troubled Borrowers
JP Morgan Chase & Co. is opening 24 offices nationwide to help home owners facing foreclosure.

"The idea is to reach people who are in trouble--many who may have gone into avoidance mode," spokeswoman Nancy Norris says. "We hope this personal, face-to-face service will enable us to help more of our customers."

JPMorgan Chase and Wells Fargo received $25 billion in federal bailout funds. Bank of America and Citigroup each got $45 billion.

Norris says Chase expects to use this money to help about 700,000 mortgage customers – a total of $110 billion in home loans – by the middle of 2010. In total, Chase has 10.4 mortgage customers.

Some observers are dubious that even this well-funded plan will work.

"Unfortunately, we tend to be a little cynical about these efforts," says Daren Blomquist, a spokesman for RealtyTrac, a research company that tracks foreclosures. "It seems that everything thrown at the problem so far has not been too successful."

Source: Orlando Sentinel, Richard Burnett (03/27/2009)

 

This information and more like it can be provided by a Realtor. If you have any questions, feel free to give me a call. Thanks!!

 

Sean Zanganeh

Prudential California Realty

 (858) 229-6063 

Sean.zanganeh@gmail.com