It has to do with the $25 billion settlement between the attorney generals of 49 states and five largest lenders. Chase agreed to more than $4 billion in mortgage relief.
The bank sent out notices to its customers, but it's not even waiting for those it knows will qualify. One homeowner received a notice in the mail reducing the mortgage rate from 6.5 percent down to 2.8.
The settlement includes a reward for banks that complete their adjustments within one year.