Nonprofit looks to prove viability of subprime model

02/26/2014 | New York Times (tiered subscription model), The

Neighborhood Assistance Corporation of America is working to prove that lending to low-income homebuyers is profitable and sustainable, even as the mortgage industry and U.S. policymakers eschew the practice. Over the next 10 years, the organization will make home loans using $10 billion in funding provided by Bank of America. The program, which does not require a down payment or look at credit scores, offers borrowers rates below 4%.

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