Walk into a branch of East Boston Savings Bank or its Mt. Washington Bank division and ask if they offer the most affordable mortgage in the state – a product offered by more than 20 different lenders. They don’t.
You can get the most affordable mortgage at Blue Hills Bank and several other banks across the city. Yet, when you look at Boston’s list of approved lenders for city-funded downpayment assistance, you will find East Boston Savings Bank on the list while Blue Hills Bank is not.
MAHA, with a coalition of housing groups, asked mayoral candidates if they would change the criteria for earning a spot on the city's list. Reward banks for offering the best products and ensure that homebuyers are best served by getting the best mortgage possible. And provide an incentive for other banks to improve their mortgage options.
You can download the full housing and community development questionnaire and read all of the responses from the candidates.
President Obama announced in his speech in Phoenix today that he wants to "put private capital at the center of the mortgage system."
MAHA applauds the President Obama's focus on providing access to homeownership and encouraging responsible lending behavior but here is our question for the President. How will you ensure that a private sector replacement for Fannie and Freddie will responsibly serve low and moderate income Americans with safe, affordable mortgages?
Bear Stearns didn't. Lehman Brothers didn't. Current proposals before Congress, such as the Corker-Warner bill in the Senate, don't do this. Private sector secondary market efforts in the past either ignored lower income homebuyers or preyed on them with predatory mortgages. We need President Obama to take a clear stand in favor of a secondary market that serves all incomes and all neighborhoods with affordable and sustainable mortgages.
MAHAMassachusetts Affordable Housing Alliance
1803 Dorchester Avenue
Dorchester, MA 02124
By email: email@example.com
By phone: 617-822-9100
By fax: 617-265-7503