Chase Denied Loan Mods for Now Forbidden Reason—Homeowners in Limbo

Protesters organized by the Neighborhood Assistance Corporation of America display a sign from inside the lobby of the One Chase Manhattan Plaza building on Dec. 14, 2009, in New York City. (Chris Hondros/Getty Images)

Paul Kiel: The largest servicers have lagged in approving homeowners for modifications. Together, those servicers account for more than 60 percent of the 3.4 million mortgages eligible for the program, but very few homeowners have been approved for lasting modifications. About 425,000 Chase customers are eligible for loan mods, according to the Treasury Department. Only a little more than 7,000 have received permanent modifications.

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