Six New York banks form home mortgage coalition.In a continued commitment to increase the availability of home mortgages in low and moderate income communities, six major New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of banks today announced the formation of the New York Mortgage Coalition. The condition, whose initial members are Bank Popular, Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , Chemical Bank, Citibank, National Westminster Bank U.S.A. and Republic National Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , represents a commitment on the part of the participants to an affirmative AFFIRMATIVE. Averring a fact to be true; that which is opposed to negative. (q.v.) 2. It is a general rule of evidence that the affirmative of the issue must be proved. Bull. N. P. 298 ; Peake, Ev. 2. 3. , affordable mortgage program, with a major thrust to increase the access of minority applicants to mortgage funding. This coalition is open to all banks and mortgage lenders and in the near future, it is anticipated that others will join the coalition. The primary goal of the coalition, whose members have been working on this project for several months, is to increase home ownership in low and moderate income communities in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. counties by: * Working with non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. in the region to provide homeowner counseling that assists first time homebuyers in low and moderate income communities to qualify for mortgages * Creating a mortgage review committee comprised of the coalition members to give special attention to potential homebuyers that participate in the homeowner counseling programs: before any loan is rejected, the review committee will provide a forum to allow all mortgage lenders in the coalition the opportunity to consider the mortgage application for approval Each of the six banks has developed or will develop its own mortgage products that encompass many of the following features: * Down payments as low as 5 percent (for one and two family owner-occupied homes) * Lower up-front fees and costs * Flexibility in underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. criteria, including such items as debt to income ratios, payment reserves and limited credit histories The homeowner counseling will assist potential homeowners in qualifying for mortgages, developing and documenting credit histories, setting up plans to save for down payments and understanding the obligations of home ownership. The counseling programs will also direct mortgage applicants to coalition members that offer appropriate mortgage products and will act as advocates on behalf of the mortgage applicants. Through the review committee, the coalition members believe they can substantially increase the opportunity to obtain mortgages for these targeted applicants. In addition, the information gained by reviewing declined applications will help die coalition members to better understand the obstacles to home ownership that minority and lower income homebuyers are facing. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion