February 18, 2009 / 8:37 PM / 11 years ago

CEO says JPMorgan may modify more mortgages

NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) may modify more than the 600,000 mortgages it has already singled out for restructuring, Chief Executive Jamie Dimon told CNBC in an interview on Wednesday.

JPMorgan and other major banks have announced plans to modify loans as unemployment has risen in recent months, heightening concern that more borrowers may start to miss payments on their mortgages.

Dimon’s bank has agreed to renegotiate $70 billion in mortgages since October, in addition to $40 billion it modified since early 2007. He told CNBC the bank had expected to renegotiate about 600,000 loans but that number may rise.

“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.

Dimon was on CNBC discussing President Barack Obama’s housing plan, which he described as “elegant” and “well-designed.”

Reporting by Elinor Comlay; Editing by Tim Dobbyn

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