JPMorgan Unveils $750 Billion Housing Push Amid Record Prices

JPMorgan Chase has unveiled a $750 billion, 10-year plan to address the U.S. housing shortage, which is expected to worsen due to record home prices and elevated mortgage rates.

The initiative, part of CEO Jamie Dimon's American Dream Initiative, aims to finance the construction or preservation of 1 million affordable housing units and help 500,000 Americans purchase homes.

JPMorgan will also expand its residential mortgage lending by more than 45% and hire 850 new home-lending advisers as part of the plan.

The bank's commitment to the U.S. housing market is roughly 40% above its previous decade of housing investment, making it one of the largest corporate bets on closing the nation's chronic supply gap.