A Nonprofit Lender Revives the Hopes of Subprime Borrowers

Tuesday, February 25, 2014

The Neighborhood Assistance Corporation of America has received $10 billion in funding from Bank of America to make mortgage loans on its own terms over the next decade, reports The New York Times.

WASHINGTON — About 200 people struggling to become homeowners filled the pews of Plymouth Congregational church on a recent Saturday morning. Some were self-employed, others short on a down payment, many branded by credit problems. Mortgage lenders would have thrown money at them a decade ago. Now, the chastened industry turns them away.

Bruce Marks, the unconventional lender who organized the gathering, is determined to demonstrate that the rest of the industry is wrong….

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