Chase Invests $153 Billion in Low/Moderate-Income Families, Communities and Small Businesses

JPMorgan Chase & Co. announced today that it has invested $153 billion in mortgages to minority and lower-income households, loans to small businesses, and community development loans and investments in 2004 and 2005 — the first two years of its 10-year, $800 billion commitment. In 2005, JPMorgan Chase increased its lending and investment 20.6 percent to a total of $83.8 billion.

“We substantially increased our mortgage and small business lending from 2004 while we continued to be a major community development lender and investor,” said Charlie Scharf, chief executive officer of Retail Financial Services, which uses the Chase brand. “This overall performance reflects our commitment to serve the needs of low- and moderate-income communities.”

During 2004 and 2005 combined, Chase made loans and investments in low- and moderate-income families and neighborhoods and small businesses totaling:

• $122 billion in mortgages. The 2005 total of $67.7 billion reflects a 24.2 percent increase from 2004.
• $22 billion in small businesses. The 2005 total of $12.1 billion reflects an 11 percent increase from 2004
• $8 billion in community development. The 2005 total of $4.0 billion reflects a 3 percent decline from 2004

“We continue to provide leadership and innovative financing to community development banking markets, and have been able to harness the financial expertise of our firm by delivering products as varied as new markets tax credits to syndicated construction finance to affordable mortgages,” said Mark Willis, Community Development Executive.