NEW YORK -- The New York Mortgage Coalition, a group of eight New York banks, named the New York Urban Coalition as administrator of its mortgage program.
The bank group, formed in May, will offer mortgages with down payments as low as 5%, flexible underwriting criteria, and counseling to prospective homeowners.
The urban coalition will organize a forum for bankers and community members, help develop the counseling program, and publish reports on mortgage activity.
Bank participants are Banco Popular, Bank of New York, Chase Manhattan bank, Chemical Bank, Citibank, European-American Bank, National Westminster Bank, and Republic National Bank.
