A Non-Profit Lender Revives The Hopes Of Sub-Prime Borrowers

A nonprofit lender revives the hopes of subprime borrowers. "[Bruce] Marks's nonprofit organization, the Neighborhood Assistance Corporation of America, has $10 billion in funding from Bank of America to make loans on its own terms over the next decade. It does not require down payments. It does not consult credit scores. Its loans all carry interest rates below 4 percent. 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." Binyamin Appelbaum in The New York Times.