HUNDREDS OF BLUEHUB CAPITAL HOMEOWNERS TO DEMONSTRATE AT BLUEHUB HEADQUARTERS TUESDAY MORNING

MEDIA ADVISORY

CONTACT:

Nardella Thomas, BlueHub Homeowner, 508-410-8834

Tim Trumble – Media Coordinator;  ttrumble@naca.com

HUNDREDS OF BLUEHUB CAPITAL HOMEOWNERS TO DEMONSTRATE AT BLUEHUB HEADQUARTERS TUESDAY MORNING

  • QUELLE: Action to expose BlueHub Capital as a predatory mortgage lender
  • OÙ: BlueHub Capital Headquarters, 10 Malcom X Blvd, Roxbury, MA 02119. 
  • LORSQUE: Tuesday, June 14e, 2022 at 11:00 a.m.
  • QUI: Homeowners victimized by BlueHub, plus Boston City Councilors and other community leaders.
  • POURQUOI: End BlueHub’s predatory homeownership program and protect homeowners’ rights.

(Boston – June 14, 2022) – Hundreds of BlueHub Capital homeowners will converge on BlueHub’s headquarters (10 Malcom X Blvd. in Boston) at 11:00 a.m. Tuesday, June 14e to demand the lender stop their predatory practices.  BlueHub Capital (formerly Boston Community Capital) conducts the 21st century equivalent of a sharecropping scheme, robbing primarily low- and moderate-income homeowners of millions of dollars through its SUN (Stabilizing Urban Neighborhoods) program.

BlueHub preys on distressed homeowners who are in danger of losing their homes to foreclosure.  They buy the home at a reduced price from the lender, sells it back to the homeowner at a 25% mark-up, provides a mortgage at twice the market rate, and requires an unprecedented shared appreciation clause that results in the homeowner often losing more than half of any increase in equity.  This “Shared Appreciation” is never forgiven and prevents refinancing. They effectively hold the home hostage for a steep ransom, as much as $200,000 or more because of BlueHub’s huge cut.

Nardella Thomas, a victim of the BlueHub operation and lead organizer of the homeowners found out about the shared appreciation when BlueHub told her she owed them $50,000 when she tried to refinance. They had never mentioned the clause that was buried in the fine print of the closing documents of the loan, and no closing attorney was present at closing. “Blue Hub is supposed to be a non-profit”, Nardella remarked, “yet they make an obscene amount of profit, millions of dollars each year, off of the homeowners, while putting them in an even more desperate situation than they were in before. They are robbing us of our American Dream of homeownership and generational wealth”.

NACA has been in the forefront of fighting predatory lending for over 35 years and strongly supports the BlueHub homeowners.  “This is a classic example of a wolf in sheep’s clothing”, stated Bruce Marks, NACA’s CEO. “BlueHub claims to help homeowners in danger of foreclosure, but is predatory, taking tens of thousands of dollars from homeowners through a Shared Appreciation Mortgage scam. This destabilizes neighborhoods and shatters the lives of the people who thought BlueHub was coming to their rescue, when it was really setting them up to be robbed of their home, their financial security and their dignity.”