It Takes One to Know One...

Former subprime brokers find new roles at nonprofits.

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Looks as if some of the folks who helped create the housing mess have had a change of heart.

From NPR:

Some out-of-work mortgage brokers have now found their way to nonprofits like this one. The [Neighborhood Assistance Corp. of America] is working with borrowers facing foreclosure all over the country, refinancing or restructuring their unaffordable subprime loans.

Bruce Marks heads up NACA and now helps retrain former subprime loan brokers. Who better to untangle these unaffordable loans than the brokers who helped set them up, he says. The former brokers understand the "exploding ARM loans" and the "pick-a-pay loans," Marks says. "They are the experts, because they were a part of that industry, and they know that business inside and out."

Full story here.

subprime mortgages

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