May 8, 2002

Mortgage aid joins Fleet, activist: Adversaries' $200 to help home buyers

By Tom Walsh

FleetBoston Financial Corp. and housing activist Bruce Marks, a longtime Fleet critic, plan to unveil a $200 million mortgage program today aimed at home buyers in low- to moderate-income neighborhoods.

As with other mortgage loans from the Neighborhood Assistance Corp. of America, it will allow qualified buyers to buy homes without a down payment, while Fleet will absorb the fees, said Marks, NACA's president.

"The program is intended to expand our affordable mortgage program," said Fleet spokesman James E. Mahoney. "We work with many community organizations to generate affordable mortgages."

Marks said the new commitment from Fleet is for up to five years, but that he expects the money to be used by the end of 2004, at which point a new round of funding likely would be sought.

Criticizing Fleet over the years has drawn a lot of publicity to Marks and his group.

He is widely known for bringing dozens of his slogan-chanting followers, often decked out in bright yellow shark-emblazoned T-shirts, to Fleet annual meetings. Asked about Marks' activism, Mahoney said: "NACA plays an important role in delivering affordable mortgages to low- and moderate-income communities." Marks has cut deals with Fleet and its predecessor banks, including BankBoston, that have let him make hundreds of millions of dollars available for mortgage loans. In the process, Marks has expanded his Jamaica Plain group to 26 offices nationwide.

Fleet committed $140 million to NACA since 1994, Marks said, while BankBoston, which has since been bought by Fleet, committed $150 million. He said most of the money has been used.

People interested in the new program should call NACA at 888-302-6222.

This article is reprinted here for non-commercial, educational, fair use purposes only.