JPMorgan Chase invests $241 billion in low- and moderate-income families, communities and small businesses
JPMorgan Chase announced today that it has invested more than $241 billion in low- and moderate-income families, neighborhoods and small businesses across the country in the first three years of its 10-year, $800 billion commitment.
“Our loans and investments provide the capital that is essential to low- and moderate-income families and communities,” said Charlie Scharf, chief executive officer of Retail Financial Services. “Our bankers and loan officers work hard in low- and moderate-income neighborhoods to help businesses grow and families buy homes.”
From 2004 through 2006, Chase has achieved 30 percent of its 10-year goal by generating strong results in three areas crucial to American families and cities:
$188 billion in mortgage lending in low- and moderate-income neighborhoods and to lower-income and minority borrowers
$40 billion in small business lending, and
$12 billion in community development lending and investment.
“We are proud of our ability to deliver financial expertise - and concrete solutions -- from across our firm to help strengthen our communities,” said Mark Willis, Community Development Executive. “We work with community leaders to understand what is important to them.”
Chase has supported communities through a broad range of programs, including two that warrant special attention:
Certified Community Development Institutions. Chase has loaned and invested more than $440 million in certified Community Development Financial Institutions since 2004. These intermediaries help Chase extend its reach exponentially in low- and-moderate income communities.
Chase’s Homeownership Preservation Office. Created in 2004, the Office works with community leaders, housing advocates, public officials and investors to help homeowners stay in their homes.
The Office provides:
A toll-free hotline for non-profit community groups providing in-depth counseling to Chase mortgage customers who are delinquent or at risk of foreclosure
Foreclosure-prevention workshops for non-profit counselors. Chase has trained more than 1,800 staff members of community groups through 50 sessions
Local market initiatives aimed at foreclosure prevention
A targeted program to donate or sell distressed properties at reduced prices, in designated areas, to community groups and non-profit housing providers
The Homeownership Preservation Office has worked on industry-wide foreclosure prevention initiatives in Chicago, Atlanta, Detroit, New York City, Indianapolis, Dallas and Houston as well as Colorado and Ohio.
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