On the latest episode of The Codcast from CommonWealth Beacon, host Jennifer Smith speaks with BlueHub Capital CEO Elyse Cherry about a recent Suffolk Superior Court decision concerning the nonprofit’s SUN mortgage program.
The program was created to give homeowners facing foreclosure a second chance by buying their homes and selling them back at a reduced debt level, often paired with a shared appreciation mortgage. Since its launch, SUN has helped keep more than a thousand families in their homes and returned tens of millions of dollars in equity to communities.
Cherry pushed back on the ruling:
“We think the judge is dead wrong. We do not think it’s predatory. I cannot imagine how a loan could be characterized as predatory when the borrowers owe less money than they owed in the first place.”
She also underscored BlueHub’s nonprofit mission, noting that the organization has been around for 40 years and is “entirely in it to help build healthy communities.” Cherry explained that BlueHub sought legislation to provide clarity and asked the attorney general’s office to create regulations so expectations are clear going forward.
In the conversation, she lays out how the SUN program works, why BlueHub stands firmly behind it, and why continued clarity is important to keep families in their homes.
Listen to the full conversation here: https://commonwealthbeacon.org/the-codcast/after-ruling-on-consumer-pro…