By Orla McCaffrey Close Orla McCaffrey Oct. 8, 2020 12:01 am ET JPMorgan Chase JPM 1.74% & Co. said it would extend billions of dollars in additional loans to Black and Latino home buyers and small-business owners as part of a push to narrow America’s racial wealth gap.
Some $8 billion will go toward funding an additional 40,000 mortgages to Black and Latino home buyers. JPMorgan also said it would devote $14 billion to finance 100,000 affordable rental units, lend $2 billion to small businesses in majority Black and Latino communities and open new branches in underserved areas of Chicago, Los Angeles and Detroit.
JPMorgan joins a long list of companies that have thrown their financial support behind racial-justice efforts in the months since a Minneapolis police officer killed George Floyd, sparking a wave of protests throughout the U.S.
There are white people live in a trailer parks could use that money to… That's just more of your left is racist to prove they're not!
Out trot so called conservatives yapping about a boycott, they never cease to amuse with their petty whining about issues that don’t affect them, bloop!
LOL, welcome to 1995, folks!
a loan?
How exactly will this help bridge the wealth gap? Pretty slick of JPM to mentor a program like this proposed for small businesses AND for minority home buyers. From one hand to the other...nice
The only thing JP Morgan is pushing are high interest rate loans and multi million dollar executive bonuses...what a bunch of nonsense.
All banks still have to follow the Dodd-Frank act.
Wow more foreclosure bargains down the pipe.
The last time the lending industry began lowering lending standards to increase the homeownership rates of POC it lead to the biggest real estate bubble in history and the Great Recession.
2007-2008 repeating itself. Here we go again.
Orla_McCaffrey Waiting to see if it actually happens. Now? Just words.
What owning a potentially high-interest mortgage/loan has to do with closing the racial wealth gap.
Trump administration to investigate JP Morgan's fair practices plan for equality?
weird bc i was told race-based lending is illegal.
I see America considers debt as a way to improve racialized people's life. I see this more as predatory and disengenuous.
Another sub-prime mortgage disaster in the making?
Subprime what?
All talks, no work. This money will end up in some other riches pocket.
TL;DR: JPMorgan pushes toward debt servitude for Blacks and Latinos.
Wall Street said a Democrat sweep would make economic recovery quicker.
EleanorBigby So don't work hard just because of your colour we'll give it to you,ridiculous
That's blatantly racist. I hope they get sued into oblivion and those responsible go to jail.
Excellent
As long as it does not involve Marxism, then it’s okay. Marxism victim/oppressor dynamic kills.
Can you please define this gap your trying to close? Will you put out a transparent financial statement?
Bullshit
As a hispanic and proud American whose family fought in 4 American wars this pisses me off. Proof we are not on a level playing field!!!!
We are at stage “throw them a crumb that’ll have interest”
Such policies may lead to the already privileged from the favoured groups getting more privilege and the poor from the not favoured groups again get the worst treatment.
Wasn't this called sub-prime mortgages 10 or so years ago?
JP Morgan raided my husband & my SSN’s, incomes & personal assets to give us loan. They tried to trick us to put more money into principal & go for a much higher interest rate than agreed upon, an already higher than market rate. Will they treat others with more respect?jpmorgan
Billions down the drain in the name of political correctness, JPM should have let shareholders know if they intended to start functioning as a charitable organization.
Billions down the drain in the name of political correctness, wonder how shareholders who own the company will feel.
This kind of article is just PR stunt. How r u gonna prove it in the next few years ?
When? What about women too,?
Funny how discriminating against race age and sex is already against the law for home lending
How can the firm implement this when it just finished paying almost 1 billion to the hedge fund folks for the metals fraud case?
All well raising banking fees on personal accounts under $150,000 🤔
SHH! YOU SMELL SOMTHING 'troble on the horizon'
If they want to buy or even think to.... why do you have to 'designate' money for them it should already be available
If only there were major financial event in the past 20 years predicated on a similar idea.
Insanity
TL;DR: JPM plans new era of debt servitude for minorities.
Is it 2006 again What could go wrong?
Because it worked so well for Washington Mutual?
Giving preferential terms based solely on race. Sounds illegal to me.
Wonder what the “there is no systemic racism” mob will make of this.
This type of bias practice calls for a lawsuit ASAP!
It’s almost lIke they are realizing all that money, in the hands of so few, is bad for an economy.
Don't Asians matter? JPMorgan overlooking the fact that Asian small businesses are hurting too, many have closed permanently. That may be an entire family's livelihood gone with little economic assistance. In NYC, Asians, the smallest minority group have the highest poverty rate.
I believe it was Einstein that said doing the same thing over and over again expecting a different result is the definition of insanity !🤷♂️
Lol! Getting desperate to exploit the weak, I see!
Why is racial discrimination and race-specific favoritism now applauded. Gross.
Okay, JPMorgan, you have a lot of making up to do. We will be watching to make sure you keep your word on extending loans to Black and Latinos home buyers and small business loans.👀👁️
Shame this wasn't done 50 years ago... but now the bandwagon has started to roll, everyone is jumping aboard...
Is this LEGAL?
Loans do not increase or narrow racial wealth. Perhaps you should say 'Expand opportunities' available...
The key will be charging equitable interest rates and avoiding adjustable rate mortgages.
That ended well in 2008 was it?
NHMB
Right, because giving home loans to people that can never pay them back worked out so well in the last housing crash....
Is this fair enough for all the other home buyers? Why make this politically?
Wasn't it already done in 2008 ..although a different name called subprime mortgages that caused the crash ? Now just rename it some woke different name ?
Loan needs payback and how is that reducing wealth gap? Can people just get rich by taking loans?
Do they actually register 'race' when offering a loan? 😬
*But, this time it will be different*
Oof! 2008 all over again.
This won’t do a damn thing
Like Lehman brothers did
Short the stock!!
What about us? Jp morgan is the biggest racist lending, institution. $400 dollars credit card for over 10 years.
The thing the US gets wrong about these race based protests and demonstrations is that: it’s not entirely about race, its also about class. Imagine the struggling people from the “elite” Asian and White races... are they not going to be eligible for loans and help?
Hahaha over a hundred years of your games and now you want to lend?
Ffs they gonna get screw over
omg, gonna loot all homes AGAIN on foreclosures/bankruptcies in few months/yrs. cc AOC SenWarren SenSanders RepKatiePorter
Cool, so how are they profiting of this?
This is amazing!!!! Thank you jpmorgan
So racism.
Margot Robbie already knows how this will end
Why Now?
What?