Cutting principal didn’t help struggling home owners—but here’s what did

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By Andrea Riquier |

During the housing crisis, as policymakers and lenders struggled to develop programs to help distressed homeowners, several misguided approaches may have hampered those efforts, according to a new report out Tuesday from the JPMorgan Chase & Co. Institute, a think tank established and funded by the mammoth bank.

Data collected for the report came from about 450,000 Chase customers who received modifications from one of three sources: Chase’s own programs, those sponsored by Fannie Mae and Freddie Mac, or the Home Affordable Modification Program, which was established as part of the Troubled Asset Relief Program legislated as the financial crisis raged.


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