Feds Streamlining Homeowner Aid

Late last month, JPMorgan Chase (JPM Quote) expanded its mortgage modification program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The New York-based bank has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007.

Bank of America (BAC Quote), meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide as part of an $8.4 billion legal settlement reached with 11 states in early October.

AP Business Writer Sara Lepro contributed to this report.