Chase Commits $500B to Underserved

Chase Home Finance, the mortgage division of JPMorgan Chase Bank, has announced a $500 billion commitment through 2010 to increase home financing to minorities, immigrants, and low- to moderate-income borrowers.Chase said its DreaMaker Commitment is the largest of its kind ever made by a lending institution. Stephen J. Rotella, chief executive officer of Chase Home Finance, said the company is "answering President Bush's call and making it our mission to help close the homeownership gap in America." Chase said it plans to open new mortgage offices in key markets (including New York, California, and Texas) and announced the creation of a National Housing Advisory Council consisting of leaders from "underserved segments" of the market such as African-, Asian-, and Hispanic-Americans and gays. Chase also said it will increase its focus on strategic alliances with government-sponsored enterprises and minority associations; expand partnership programs with educational groups; and develop a counseling referral system for applicants who are "not yet mortgage-ready." The company can be found online at http://www.jpmorganchase.com.