Bank of America quits mortgage program
|By Desmarais, Martin|
In a move that has frustrated housing officials across
The bank will instead offer mortgages to the same customers for as much as
For the ONE Mortgage program, which features low, fixedrate financing and state-backed loans that relieve first-time homebuyers from the cost of private mortgage insurance, the loss is even greater.
"This is taking more than 300 loans out of the market," said
"It is just not acceptable at this time," she added.
"As previously reported, offering one-offproducts on a stateby- state basis doesn't align with our efforts to simplify the company," a
But Maycock-Thorne is not satisfied with that answer.
"They come into our neighborhoods and they service consumers in more than one way - savings, credit, student loans," said Maycock-Thorne. "For them to then turn around and say that one size fits all and they are not catering to one particular community or one particular state makes no sense. How can they say that?"
She also points out that
According to the report, homebuyers purchasing a single- family home for
The report estimated that this would cost 300 low- and moderate- income
The ONE Mortgage program was originally launched as the SoftSecond program in 1990 in response to the Federal Reserve Bank of
At the time, the state's three largest banks - Shawmut,
Six banks -
Callahan said the ONE Mortgage program will move forward without
Still, he called
"We do not understand why the largest bank in the state is not offering the most affordable and sustainable program for low- and moderateincome first time homebuyers.
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