Unlikely Bedfellows Create 15-Year Loan for Low-Income Borrowers

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Unlikely Bedfellows Create 15-Year Loan for Low-Income Borrowers

BY KATE BERRY
SEP 7, 2014 8:00pm ET

nationalmortgagenews9-9-14A vexing housing policy question has created the mortgage industry’s ultimate odd couple.

Ed Pinto, a conservative housing critic at the American Enterprise Institute, has teamed up with Bruce Marks, a liberal consumer advocate who leads Neighborhood Assistance Corp. of America, to chase an elusive goal: invent a viable mortgage that could help low-to moderate-income borrowers build wealth rather than just accumulate debt.

On Monday they will announce their “Wealth Building Home Loan” product at a mortgage conference in Raleigh, N.C.