Chase Funded $4.5B in California for First Quarter 2009

JPMorgan Chase, New York, funded $4.5 billion worth of mortgages in the hard-hit California market during the first quarter, a slight increase from the previous period, according to statements made by the company. Overall, Chase -- the nation's third largest residential funder, according to the Quarterly Data Report -- made 15,251 mortgages. Its presence in the state has been greatly bolstered by last fall's federally assisted takeover of Washington Mutual. WaMu had a huge presence in both its home state of Washington, and in the Golden State where it had been on a thrift and mortgage banking buying spree for most of the decade. JPM's mortgage unit is called Chase and is based in Iselin, N.J. A recipient of TARP money, JPM received a clean bill of health under the government's "stress tests" and would like to return that money as soon as possible.