J.P. Morgan Chase & Co. (NYSE:JPM) has seen a huge rise in residential loan refinancing.

J.P. Morgan Chase & Co. (NYSE:JPM) Refinancing Increases

A J.P. Morgan Chase & Co. (NYSE:JPM) executive said that the bank has seen a huge rise in residential loan refinancing through the Home Affordable Refinance Program (HARP).

He also said that the surge in refinancing started even before the bank fully employed HARP revisions.

Garry Cipponeri, J.P. Morgan Chase & Co. (NYSE:JPM)’s capital markets executive, said, “We’ve seen a gigantic jump in loans refinanced through the Home Affordable Refinance Program, or HARP. The rise in refinancings has come even before the bank has fully implemented the program’ revisions, including streamlining the process for borrowers with deeply underwater loans”.

JP Morgan Chase & Co. (NYSE:JPM) shares were at 37.66 at the end of the last day’s trading. There’s been a 8.9% movement in the stock price over the past 3 months.

JP Morgan Chase & Co. (NYSE:JPM) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.38
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.27
Zack’s Rank: 4 out of 15 in the industry