JPMorgan Chase plots $750B housing push to fund 1M affordable units

JPMorgan Chase plans to deploy more than $750 billion for housing through 2035, including financing for 1 million affordable units and help for 500,000 buyers to purchase homes. The commitment, part of the bank’s American Dream Initiative, represents a nearly 40% increase in housing-related capital compared to the prior decade, the bank said Monday. It comes not long after JPMorgan Chase named Doug Petno and Troy Rohrbaugh as co-presidents — the clearest step yet in the board’s planning for an eventual successor to CEO Jamie Dimon. “An affordable and resilient housing market is essential to driving economic growth and increasing opportunity,” Michelle Herrick, head of commercial real estate for JPMorgan, said in the announcement. Sean Grzebin, CEO of Chase Home Lending, said homeownership remains central to wealth-building and community stability for U.S. households. The initiative signals Chase will be more active in the purchase mortgage market. The bank plans to support 200,000 first-time buyers, hire 850 new home lending advisers and roll out new digital tools to support originations. In terms of product development, the bank is considering new collateral types, such as modular...