JPMorgan Chase CEO discusses efforts to boost minority homeownership

LaShawn Hudson | WABE

March 3rd, 2022

JPMorgan Chase announces long-term initiatives to advance racial equity. (AP Photo/Mark Lennihan, File)

According to the National Association of Realtors, the homeownership rate has climbed amid the COVID-19 pandemic.

In 2020, the overall homeownership rate increased to 65%, which is the largest annual increase.

But despite the homeownership increase, there’s a huge homeownership gap for Black Americans.

JPMorgan Chase CEO Jamie Dimon explained to WABE’s Rose Scott how the bank is working to boost minority homeownership and what this effort could mean for Atlanta. (AP Photo/Haraz N. Ghanbari)

Data suggests that Black homeownership remains lower than it did 10 years ago.

This all comes as homeownership rates for Asian Americans and Hispanic Americans are at 61.7% and 51.1%.

Jamie Dimon, the president and CEO of JPMorgan Chase, was a guest on Wednesday’s special edition of “Closer Look’s” Paycheck to Paycheck series.

Dimon told program host Rose Scott that Black communities and poor communities have been historically left behind since the Civil War, and now it’s time to close gaps through race equity efforts and public policy.

He further explained how JPMorgan is working to boost minority homeownership and what this effort could mean for Atlanta.

“We are making mortgages more available to Black folks and Black communities,” said Dimon. “We are putting loan officers in Black communities and we are trying to come up with new alternative methods to extend credit.”