naïve to cultured

with eyes open wide

Icon Person: Bruce Marks

Have you heard of Bruce Marks? He is the CEO of Neighborhood Assistance Corporation of America, a non-profit lending organization focused on lending to homeowners who banks now won’t even consider.

KNOW him because he’s doing big and important things!

His organization is kind of a big deal. They have $10 billion in funding from Bank of America to “make loans on its own terms over the next decade.” (NY Times, link below)

Their goal is to show that it is possible to lend to lower-income borrowers on terms that are profitable and sustainable.

You are probably asking, how does he manage risk? And that’s probably the most brilliantly simple part of his organization. He’s putting trust back onto the borrower and creating a lending community. They carefully screen applicants, requires them to join the nonprofit with a $20 annual fee, and requires that they participate in advocacy for the organization. Also important is creating a hardship fund to provide a safety net instead of requiring that individual borrowers purchase an insurance policy.

Check out how they have been successful and what hurdles they still have ahead in this NY Times article:

A Nonprofit Lender Revives the Hopes of Subprime Borrowers –


What's your opinion?

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s


This entry was posted on February 26, 2014 by in Minority Race/Poor/Indigenous Rights and tagged , , , .
Follow on Bloglovin
Follow naïve to cultured on

Enter your email address to follow this blog and receive notifications of new posts by email.

Blast from the Past


%d bloggers like this: