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Pressure Builds to Forgive Loans.(Brief Article)
To help victims of predatory lending, special organizations are turning up the pressure on lenders, and even servicers, to forgive part of the loan so it can be restructured.
"By the time we get a client, the loan has been sold three or four times. So we will go back up the chain using the title and we just start raising hell," Carl Malone told a subprime lending forum, sponsored by the Consumer Bankers Association.
Mr. Malone is residential sales manager for Harris Bank in Chicago and he works with a special organization called the Neighborhood Ownership Recovery Mortgage Assistance Loan Program (NORMAL) that was created in the fall of 1999.
NORMAL's assignment is to help victims of predatory lending get a new start and so far the organization has underwritten and funded 40 loans with the help of 22 Chicago banks and the city of Chicago.
Mr. Malone told the CBA forum that NORMAL ...
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