Skip to main content

Newsroom

February 27, 2014

The Guy Who Wants to Bring Subprime Lending Back

“Binyamin Appelbaum brings us the story of Bruce Marks, the man who wants to bring subprime mortgage lending back.* He leads a nonprofit called the Neighborhood Assistance Corporation of America that has $10 billion in funding from Bank of America to, well, you know make loans to people who can’t make a down payment and can’t withstand a credit check.”

“It has enough money to mint about 50,000 homeowners, but Mr. Marks has a larger goal. He wants to show that it is possible to lend to lower-income borrowers on terms that are profitable and sustainable. He wants to expand homeownership. He wants to redeem the original idea behind subprime lending.”

“‘I think that everybody should have an opportunity to own a home,” he said in a recent interview. ‘We’ve got to rekindle hope in people, especially minorities who threw everything into the dream of homeownership and lost it.’”

***

Read full Slate article here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today