The Boston Globe reports that an organization run by Boston housing activist " will provide $1 billion in mortgage refinancing to homeowners nationwide who are struggling with high-cost subprime loans".
Bruce Marks, says the newspaper, "is a colorful figure who successfully used guerrilla tactics in the 1990s to pressure major US banks to fund mortgages for low- and middle-income workers".
Through Marks' organization, borrowers can replace their high-interest subprime loans with traditional 30-year fixed-rate mortgages at below-market levels. The new loans will be made available regardless of whether borrowers are in foreclosure.
As a condition of receiving a loan from his organization, borrowers are required to participate in housing activism in their communities. This will enable Marks to "lead mass protests of borrowers with high-cost mortgages at company headquarters and the homes of their executives."
Source: The Boston Globe
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