Reuters first to report JPMorgan Chase to raise mortgage borrowing standards

Reuters broke the news that JPMorgan Chase & Co, the United States’ largest lender by assets, is raising borrowing standards for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption. The change highlights how banks are quickly shifting gears to respond to the darkening U.S. economic outlook and stress in the housing market after measures to contain the virus put 16 million people out of work and plunged the country into recession.