Of all the borrowers of Homewise, Santa Fe, New Mexico, which lends to risky groups of first time working class home buyers and immigrants, only 0.6% of its loans were 90 days late, as compared to 2.35% of the sub prime nationwide standards. Its downright attitude of the lender and the borrowers. If a customer build a saving habit to save money on a modest income, it says a lot about them and their financial discipline...
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If a customer build a saving habit to save money on a modest income, it says a lot about them and their financial discipline. "In addition to giving loans, we teach these people how to manage their finance and accounts" says Rita Haynes, CEO Faith Community United Credit Union. What set good sub prime lenders from the bad ones is that they never bought into all perverse incentives and innovation of the late sub prime lending system of the late big brothers - the hefty fees paid to morgage brokers, fancy offices and the over reliance on securizations...
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