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.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry