JPMorgan Chase & Co., New York, and Bank One Corp., Chicago, which are expected to merge later this year (pending approval), have committed to investing $800 billion in home mortgages, small business lending, and community development lending across the country over the next 10 years.Key aspects of the initiative -- termed the largest of its kind -- include $675 billion in housing investments for minority and low-income communities and borrowers, and credit counseling, the companies said. Another $90 billion will assist community-based small businesses and nonprofits through loans and investments, in addition to technical support. And $35 billion, which includes $1 billion for community development financial institutions, is earmarked for affordable housing and commercial and economic development in low and moderate-income communities. In addition, several new offices, such as a homeownership preservation office and a financial education partnership office, will help people stay in their homes and provide financial education, anti-predatory lending programs, and other targeted assistance, the companies said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25