Tuesday, November 19, 2013
JPMorgan Chase $13 billion Settlement could be an opportunity for Jersey City
According to the settlement, "$2 billion in relief, the person said, JPMorgan has agreed to reduce interest rates on existing loans, offer new loans to low-income home buyers and keep those loans on its books. The bank will also receive credit for demolishing abandoned homes and other efforts focused on curbing urban blight". Considering JPMorgan has 2 entire office building in Jersey City, it seems like a perfect place for them to direct some of those funds to curb urban blight. It's a win-win, letting them satisfy their settlement agreement and improve their own neighborhood backyard, so to speak.