Bruce Marks, CEO of Neighborhood Assistance Corporation (NACA), Edward Pinto, co-director of the American Enterprise Institute’s International Center on Housing Risk, and Bank of America unveiled a new approach to low-and-moderate income home finance on Monday, the Wealth Building Home Loan (WBHL). 

The announcement came at the American Mortgage Conference in Raleigh, North Carolina.

The WBHL provides low and moderate income borrowers a straight, broad highway to building wealth based on a 15-year, fully amortizing, fixed-rate loan. While the WBHL requires no down payment and has a broad credit box, the monthly payment is much less than a traditional 15-year loan and will result in much lower foreclosure risk than FHA and other 30-year loans made to similarly situated borrowers.

“This will be a game changer for generating wealth by making a 15 year mortgage affordable for working people” says Bruce Marks – NACA CEO.  “The majority of the mortgage payment will now go to the equity in the home effectively providing debt free homeownership”.  Continues Bruce Marks.  “This is in effect a freedom mortgage created through an unprecedented partnership between NACA, one of the country’s largest progressive organization, the American Enterprise Institute, one of the country’s premier conservative organizations, and Bank of America, one of country’s largest financial institutions”.

The WBHL serves the twin goals of providing a broad range of homebuyers, particularly first-time and minority homebuyers, a more reliable and effective means of building wealth than is currently experienced under existing policies while maintaining buying power similar to a 30-year loan. The initial rollout of the WBHL by NACA and the Bank of America will begin over the next sixty days through NACA’s offices nationwide.  Other WBHL roll-outs are expected to follow.

Mr. Marks has been at the forefront of advocacy for homeowners since founding NACA in Boston in 1988.  He has testified before Congress on numerous occasions, including a warning about the coming mortgage crisis as early as September of 2000 and was named “Bostonian of the Year” in 2007.

Mr. Marks has

  • Created the first-ever housing trust fund causing changes to the Taft-Hartley Act.
  • Created the unique “America’s Best Mortgage” program, providing fixed below market rate mortgages to low and middle income borrowers with no down payment and no closing costs.
  • Conducted more than 150 “American Dream” events that have brought about mortgage modifications to more than 250,000 homeowners across the country.
  • Carved out legally binding agreements with all the major lenders to provide mortgage modifications for struggling homeowners.

Media Links:
New York Times: The Homebuyer’s Champion

NACA is the nation’s largest HUD certified counseling agency, founded in 1988, providing roughly 30% of all the housing counseling in the country. Mr. Marks has remained the country’s foremost advocate for home ownership, and was recently referred to by The New York Times as “The Homebuyer’s Champion”.

For more information, please go to

By TTrumble

Online Operations Team and Forum Administrator for NACA. Based in the NACA National Counseling Center in Charlotte, NC.

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