Number of mortgages to be modified by JPMorgan may rise to a million

Jamie Dimon, CEO of JPMorgan Chase & Co, stated that the bank may increase the number of mortgage loans to be restructured. Earlier JPMorgan told that it expects to renegotiate about 600,000 but according to the latest reports from the bank this figure may rise.

Along with other major banks JPMorgan announced plans to restructure loans in light of rising unemployment that may result in that more borrowers will start missing payments on their mortgages. JPMorgan agreed to renegotiate $70 billion in mortgages since October, in addition to $40 billion it modified since early 2007. But now Dimon made a statement that the number may rise to a million.

"I wouldn't be surprised if that number was a million because of new programs and incentives both to the homeowner and to servicers of the mortgages," he said.