Boston Globe Article "Some Lenders Resist Foreclosure-Prevention Buybacks" Features BCC's SUN Initiative

Tuesday, November 29, 2011

Boston Community Capital's foreclosure initiative was featured in The Boston Globe article "Some lenders resist foreclosure-prevention buybacks."  The article, written by Jenifer McKim, discusses how some banks oppose "initiatives that reduce a homeowners' principal, out of concern that others would seek the same kind of help," while BCC's CEO, Elyse Cherry, argues "It makes no economic sense whatsoever.  There is no evidence that people walk away [from their mortgages] when their neighbors are walking away."

The article also discusses Myrdine Joseph and how BCC has attempted to repurchase her home so she can keep it, but her current mortgage holder, Wells Fargo Co., has rejected the deal.

Read the article