J. P. Morgan Chase & Co., which had been part of efforts to market the Chicago Spire overseas, earlier this month eliminated its program that made mortgages to foreign buyers.
The move by J. P. Morgan, which offered mortgage loans to prospective foreign buyers in the planned 150-story Spire, was among others recently instituted by the New York investment bank as part of efforts to tighten its mortgage lending practices, says a company spokesman.
J. P. Morgan is among a host of banks to take such a measure this year, a development that could make it harder for foreigners to buy units in the Spire as fewer lenders likely will mean higher interest rates and bigger down payments for those buyers.
Monday, September 01, 2008
Spire Consequences:J. P. Morgan ends mortgages for overseas buyers
Crain's Chicago Business reports: