Could it be that the free market still works? Part II

In October, JP Morgan Chase said that it would start more aggressively changing the terms of home loans in order to try to prevent foreclosures. At the time, I wondered if this might be taken as a sign that the free market still worksâ€"that federal programs forcing servicers to rewrite mortgages in order to keep them affordable might not be as necessary as we think. The problem, though, with that October announcement was that it only applied to loans Chase holds on its own booksâ€"a mere 20% of

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