In the wake of “revelations” (yes, those are air quotes of irony) of abusive lending practices (because that whole business was a well-kept secret during the housing boom), Citigroup, recently in the news for laying off almost everyone to improve stock returns for investors, and Bank of America are teaming up to provide $1 billion of mortgage financing help for those taken in by swindly lenders.
The two banks are working with the Neighborhood Assistance Corp. of America.
That billion dollars will help folks refinance through fixed-rate mortgages.
"We demand that others commit the dollars needed to modify people’s loans," said Bruce Marks, NACA’s chief executive, in an interview. "If other lenders intend to foreclose, we will go after their decision makers."
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