Bruce Marks

Protesters Rally At BlueHub Capital Headquarters

Posted on by TMN Editor
By KIMBERLEY HAAS Protesters who claim BlueHub Capital has a predatory program that has fleeced distressed homeowners rallied in Boston on Tuesday morning. The Stabilizing Urban Neighborhoods program hit the spotlight in February of 2020, when a group of 14 homeowners filed a class-action lawsuit in Massachusetts Superior Court. WGBH reported at the time that the plaintiffs alleged they were the victims of predatory lending practices while facing foreclosure or hardship. BlueHub Capital leaders responded at the time by saying the SUN initiative had successfully helped more than 1,100 families facing foreclosure and eviction. “SUN has reduced borrowers’ collective outstanding mortgage principal by about $68 million and their monthly mortgage payments by nearly $42 million,” company leaders stated. “Almost all…

Race-Based Lending: The Right Way to Promote Social Justice?

Posted on by TMN Editor
By JARED WHITLEY The Neighborhood Assistance Corporation of America (NACA) has announced a lending program for minority-owned businesses it calls “Economic Justice Loans,” with the stated goal of helping historically underserved populations build generational wealth. The political-progressive organization’s action raises the question of whether people of color are still being denied access to credit in 2022. “This lending model provides the foundation for hundreds of millions of dollars in additional lending,” NACA’s founder and CEO Bruce Marks said in a press release. “We have learned that if you build it, they will come. NACA’s Best in America Mortgage targeting underserved communities started with a few million dollars in commitments and now has over $20 billion. We expect the same outcome with extraordinary terms…