Chase Invests $338 Billion in Low and Moderate-Income Families, Communities and Small Businesses in Four Years
Firm remains on track in $800 billion commitment
New York.- Supporting low- and moderate-income families, communities and small businesses, Chase announced today that it has invested more than $338 billion in the first four years of its 10-year, $800 billion commitment.
“Helping families buy a home they can afford over the long term remains a crucial part of our commitment to communities,” said Charlie Scharf, chief executive officer of Retail Financial Services. “We have helped buyers better understand the responsibilities they are taking on and we have helped many homeowners facing financial challenges.”
In 2004, parent company JPMorgan Chase pledged to invest $800 billion over 10 years in communities across the country, which continues to be a major commitment to community development lending and economic development.
Chase already has invested 42 percent of that in three areas crucial to families and communities across the country:
$258 billion in mortgages in low and moderate-income neighborhoods and to lower-income and minority borrowers
$63 billion in small business lending, and
$17 billion in community development lending and investment.
“Our capital, our leadership, our banking services and our people are making many communities across the country stronger,” said William Daley, Head of JPMorgan Chase’s Office of Corporate Responsibility.
Chase supports families and communities through a broad range of programs, including the following:
The Homeownership Preservation Office
Chase’s Homeownership Preservation Office helps families stay in their homes whenever possible by connecting homeowners with counselors through a national help line and leading foreclosure-prevention workshops and local training programs for community leaders, housing advocates, public officials and investors.
Case managers on the toll-free help line received more than 7,600 calls from non-profits, generating 2,900 new cases.
Chase worked with foreclosure-prevention programs in Chicago, Cleveland, Dallas and Detroit as well as Colorado, Indiana and New York. It has conducted dozens of workshops and trained more than 2,600 counselors, advocates and public officials.
The Homeownership Preservation Office served as a model for the national HOPE NOW Alliance, which reaches out to connect struggling homeowners with housing counselors and mortgage servicers.
Small Business Administration Loans
Chase made over 8,500 Small Business Administration loans in fiscal year 2007, ranking second nationally in number of loans. Chase was the largest SBA lender in Arizona, Illinois, Louisiana, Michigan and in New York City, Dallas, and Houston.
Certified Community Development Institutions
More than $670 million of loans and investments went to certified community development financial institutions - two-thirds of JPMorgan Chase’s 10-year goal of $1 billion. In turn, the institutions made loans to construct and rehabilitate affordable housing, build health-care facilities, and provide small business and micro-loans to entrepreneurs in lower-income communities.
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