FILED: NEW YORK COUNTY CLERK 11/03/ :05 PM INDEX NO /2014 NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 11/03/2014 EXHIBIT N

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Rolf Parrish
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1 FILED: NEW YORK COUNTY CLERK 11/03/ :05 PM INDEX NO /2014 NYSCEF DOC. NO. 166 RECEIVED NYSCEF: 11/03/2014 EXHIBIT N

2 Exhibit N: Loan Modification Examples - Conflict of Interests Example 1 Example 2 Example 3 Loan Number XXXXXXX445 XXXXXXX947 XXXXXXX764 Trust CHASE 2007-S3 CHASE 2007-S3 CHASE 2007-S1 Orig Date 02/21/ /01/ /28/2006 Loan Purpose Purchase Purchase Purchase Occupancy Owner Owner Owner FICO Appraised Value 835,000 1,560, ,000 LTV 80% 70% 60% CLTV 90% 80% 80% Original Balance $668,000 $1,092,000 $480,000 Originator JPMorgan Chase JPMorgan Chase JPMorgan Chase Mortgage Rate Second Lien $83,500 $156,000 $160,000 2ndLien Lender JPMorgan Chase JPMorgan Chase JPMorgan Chase Current Balance $524,353 $936,125 $318,983 Modification Date 08/01/ /01/ /01/2012 Property Value $797,000 $1,079,000 $417,472 Post Mod LTV 66% 87% 76% Current Rate Loan Status Current Current Current Booked Loss $233,037 $416,789 $218,475 Street Address X XXXXX XXX XXXX XXXXXXX XX XXXX XX XXXX XX City Harrison Pacific Palisades Miami State & Zip NY CA FL 33165

3 Loan Modification Example 1 (loan number XXXXXXX445) Date Action Feb Subject property was purchased by borrower at $835,000 Feb Borrower took out $668,000 1st lien from JPMorgan Chase Feb Borrower took out $83,500 2nd lien from JPMorgan Chase Apr Oct Dec Jul Jul Aug Jul Jul The $668,000 1st lien was sold into CHASE 2007-S3 trust Borrower stopped making payments on the $668,000 1st lien The servicer sent a notice of default to the borrower (72 days past due) CHASE 2007-S3 trust filed for judicial foreclosure at the Supreme Court of the State of New York (Westchester County) JPMorgan Chase was named as defendant along with the borrower due to JPM's ownership of the 2nd lien The borrower requested judicial dismissal of the foreclosure action citing the lack of evidence showing the Trust's ownership of the mortgage note and the lack of proper notification afforded the borrower Servicer reached modification agreement with the borrower, lowering interest bearing principal balance to $534,624, lowering interest rate from 6.5% to 2% The subject property had an estimated market value of $798,000. Post loan mod, effective LTV dropped to 68%, far lower than the FHFA mandated HAMP guideline of 115% Jul The entire non-interest bearing balance of $233,037 was booked to the CHASE S3 trust as realized loss Oct Nov Servicer cancelled foreclosure action citing successful loan modification To date, there is no public records showing either satisfaction or modification of the $83,500 2nd lien indicating that it's still alive

6 Loan Modification Example 2 (loan number XXXXXXX947) Date Action Feb Subject property was purchased by borrower at $1,560,000 Feb Borrower took out $1,092,000 1st lien from JPMorgan Chase Feb Borrower took out $156,000 2nd lien from JPMorgan Chase Apr May Jan The $1,092,000 1st lien was sold into CHASE 2007-S3 trust Borrower took out $311,800 HELOC (home equity line of credit) from Washington Mutual This $311,800 HELOC was reconveyed to JPMorgan Chase (as successor by merger) Apr Jun Sep Borrower stopped making payments on the $1,092,000 1st lien The servicer sent out a notice of default to the borrower (by now, accumulated advances has reached $222,090) Notice of trustees sale of the property was announced Mar Servicer reached modification agreement with the borrower, lowering interest bearing principal balance to $962,267, lowering interest rate from 6.75% to 2% Mar The subject property had an estimated market value of $1,079,000. Post loan mod, effective LTV dropped to 89%, far lower than the FHFA mandated HAMP guideline of 115% Mar The entire non-interest bearing balance of $416,789 was booked to the CHASE S3 trust as realized loss Mar Nov Servicer cancelled trustees sale citing successful loan modification To date, there is no public records showing either satisfaction or modification of the $156,000 2nd lien or the $311,800 HELOC (the sum of these two amounts to $467,800, almost the same as the booked loss to CHASE 2007-S3 trust)

9 Loan Modification Example 3 (loan number XXXXXXX764) Date Action Nov Subject property was purchased by borrower at $800,000 Nov Borrower took out $480,000 1st lien from JPMorgan Chase Nov Borrower took out $160,000 2nd lien from JPMorgan Chase Apr Jul The $480,000 1st lien was sold into CHASE 2007-S1 trust Borrower stopped making payments on the $480,000 1st lien Jul Servicer reached modification agreement with the borrower, lowering interest bearing principal balance to $333,700, lowering interest rate from 6.375% to 2% Jul The subject property had an estimated market value of $417,000. Post loan mod, effective LTV dropped to 80%, far lower than the FHFA mandated HAMP guideline of 115% Jul The entire non-interest bearing balance of $218,475 was booked to the CHASE 2007-S3 trust as realized loss (including more than $62,000 of servicer advances) Nov To date, there is no public records showing either satisfaction or modification of the $160,000 2nd lien held by JPMorgan Chase

HOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics

HOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics Snapshot Industry Extrapolations and HAMP Metrics Three Month Q2-215 Q3-215 Q4-215 Q1-216 Q2-216 Jun-16 Jul-16 Aug-16 Total Completed Modifications 119,658 97,773 84,798 86,167 1,198 41,872 34,815 36,6