Chase Invests $338 Billion in Low and Moderate-Income Families, Communities and Small Businesses in Four Years

NEW YORK--(BUSINESS WIRE)--Supporting low- and moderate-income families, communities and small businesses, Chase announced today that it has invested more than $338 billion in the first four years of its 10-year, $800 billion commitment.

“Helping families buy a home they can afford over the long term remains a crucial part of our commitment to communities,” said Charlie Scharf, chief executive officer of Retail Financial Services. “We have helped buyers better understand the responsibilities they are taking on and we have helped many homeowners facing financial challenges.”

In 2004, parent company JPMorgan Chase pledged to invest $800 billion over 10 years in communities across the country, which continues to be a major commitment to community development lending and economic development.

Chase already has invested 42 percent of that in three areas crucial to families and communities across the country:

• $258 billion in mortgages in low and moderate-income neighborhoods and to lower-income and minority borrowers
• $63 billion in small business lending, and
• $17 billion in community development lending and investment.

“Our capital, our leadership, our banking services and our people are making many communities across the country stronger,” said William Daley, Head of JPMorgan Chase’s Office of Corporate Responsibility.

Chase supports families and communities through a broad range of programs, including the following:

The Homeownership Preservation Office

Chase’s Homeownership Preservation Office helps families stay in their homes whenever possible by connecting homeowners with counselors through a national help line and leading foreclosure-prevention workshops and local training programs for community leaders, housing advocates, public officials and investors.

• Case managers on the toll-free help line received more than 7,600 calls from non-profits, generating 2,900 new cases.
• Chase worked with foreclosure-prevention programs in Chicago, Cleveland, Dallas and Detroit as well as Colorado, Indiana and New York. It has conducted dozens of workshops and trained more than 2,600 counselors, advocates and public officials.
• The Homeownership Preservation Office served as a model for the national HOPE NOW Alliance, which reaches out to connect struggling homeowners with housing counselors and mortgage servicers.

Small Business Administration Loans

Chase made over 8,500 Small Business Administration loans in fiscal year 2007, ranking second nationally in number of loans. Chase was the largest SBA lender in Arizona, Illinois, Louisiana, Michigan and in New York City, Dallas, and Houston.

Certified Community Development Institutions

More than $670 million of loans and investments went to certified community development financial institutions – two-thirds of JPMorgan Chase’s 10-year goal of $1 billion. In turn, the institutions made loans to construct and rehabilitate affordable housing, build health-care facilities, and provide small business and micro-loans to entrepreneurs in lower-income communities.

Results by state are shown below:

JPMorgan Chase $800 Billion 10-year (2004-2013) Public Commitment
Results from January 1, 2004 - December 31, 2007
$ Millions
State		Mortgage			Small Business			Community Development				Total
Arizona		$	8,207		$	2,351		$	341			$	10,898
Colorado			3,874			1,676			238				5,787
Connecticut			3,427			949			49				4,425
Delaware			1,317			121			71				1,509
Florida			32,794			2,210			263				35,268
Illinois			14,198			4,201			1,097				19,496
Indiana			2,408			1,758			1,432				5,599
Kentucky			1,319			781			269				2,368
Louisiana			3,000			1,737			838				5,575
Michigan			5,895			3,137			1,133				10,165
New Jersey			12,062			2,396			200				14,658
New York			29,249			10,675			3,200				43,123
Ohio			5,005			3,339			459				8,804
Oklahoma			1,318			588			224				2,131
Texas			13,052			7,089			1,498				21,639
Utah			1,121			598			22				1,741
West Virginia			522			376			21				918
Wisconsin			2,250			1,538			321				4,109
Subtotal All Footprint States		$	141,018		$	45,519		$	11,676			$	198,214
All Other States			117,586			17,504			5,490				140,579
Total		$	258,604		$	63,023		$	17,166			$	338,794

About Chase

Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE: JPM). Chase has 156 million credit cards issued and serves consumers and small businesses through 3,150 bank branches, 9,200 ATMs and 290 mortgage offices as well as through relationships with 14,500 auto dealerships and 5,200 schools and universities. It also serves more than 30,000 commercial banking clients, including corporations, municipalities, financial institutions and not-for-profit entities. The company invests in education, economic opportunity, development and environmental programs that enable people and communities to thrive. More information about Chase is available at www.chase.com.