JPMorgan Chase's $750 Billion Pledge Falls Short of Solving US Housing Crisis

Former Federal Housing Administration (FHA) Commissioner Frank Cassidy recently praised JPMorgan Chase's $750 billion pledge to US housing, but warned that money alone cannot solve the nation's housing shortage.

Cassidy noted that there is no shortage of capital looking to invest in housing, but rather a bottleneck caused by government processes and regulations.

'Money isn't the problem, supply is,' he said. 'We need to make it easier to build by modernizing zoning, permitting, environmental reviews and all these outdated regulations.'

JPMorgan Chase announced its commitment as part of its American Dream Initiative, which aims to finance one million affordable housing units and help 500,000 customers buy homes, including 200,000 first-time buyers.