Oct. 22 (UPI) — 10 years following the subprime mortgage crisis, huge number of potential home purchasers with dismal credit are lining up for zero down, low-value interest mortgage loans — supported by one of the greatest banking institutions in the industry.
Throughout this current year, Bank of America and Boston-based non-profit brokerage Neighborhood Assistance Corporation of America are keeping activities nationw
Especially, the teams are providing the loans to purchasers with bad or credit that is rehabbing that was one of several conditions that contributed into the final meltdown — purchasers whom could not pay the mortgages that they had.
Bank of America and NACA, however, say they’ve a vetting system in position to aid home that is prospective whom must not be excluded by credit rating alone.
Today NACA CEO Bruce Marks told UPI the organization has been working with Bank of America since the early 1990s when then-CEO Hugh McColl agreed to commit $1.5 billion in mortgage commitments after reviewing the program, a number that’s grown to $10 billion.
“we have been content with just exactly exactly how NACA happens to be in a position to educate house purchasers as well as the loans that NACA brings us, ” Bank of America spokesman Terry Francisco told UPI. “The borrowers that NACA brings us have performed more than the almost twenty years we’ve been a part of them. “