JP Morgan/Chase announced Friday that it will be temporarily suspending foreclosures and has instead turned its efforts to modifying loans to make them more affordable for homeowners so that they will not leave their homes.

 A big part of the troubled mortgage loans come from the recent acquisition of Washington Mutual which has been a long-time top lender in all areas of Oregon including Portland, Bend, Eugene, Salem and Medford.

Large banks are looking to put to use the bailout funds issued last month.

It also appears that unlike most modification programs offered by lenders, a homeowner does not have to be delinquent on his/her mortgage in order to receive help.  The practice of only helping those who have fallen behind on their mortgages has bee criticized recently, so I think this is a good step.