JPMorgan Chase & Co. said it plans to place more than $750 billion through 2035 to increase U.S. housing supply and support homeownership, a commitment nearly 40% more than the bank's housing-related capital deployment over the prior decade. The plan includes financing for 1 million affordable housing units and help for 500,000 homebuyers, of which 200,000 are first-time buyers, partly through a more than 40% increase in mortgage lending and 850 new home-lending advisers. The bank reported a record second-quarter net income of $21.2 billion, giving it a strong earnings base for the deployment, which will run through multiple financing tools including debt, equity and grants. JPMorgan has linked additional housing deployment to supportive zoning, permitting and tax-credit policies, and it already ranks as the nation's largest multifamily lender. U.S. home sales recently fell to a 14-month low because mortgage rates rose, leaving the bank facing a tough housing market as it tries to turn the program into bigger profits.
JPMorgan Chase & CoJPMorgan commits over $750B through 2035 to expand U.S. housing supply and mortgage lending, backed by record Q2 net income of $21.2B.
Apple Inc.
Wells Fargo & Company