Bank-CU Consortium Helps Finance Purchases of Foreclosures

BROCKTON, Mass. – Local credit unions and banks have partnered with the state Housing Finance Agency to provide discounted mortgage services to help people buy foreclosed homes.
 
The program, known as Buy Brockton, will help borrowers buy homes in the city that are credit union- or bank-owned, in foreclosure, without a 5% down payment.
 
The lenders: Brockton CU, Crescent CU, Rockland Trust Co., North Easton Savings Bank, Mutual Bank, Dedham Institute, Avon Cooperative and Community Bank, have committed $35 million in capital and to offering the same interest rates and discounts.
 
The program will offer a 30-year, fixed-rate loan with a discounted rate currently at 5.62%, with no points.
 
This working class city south of Boston has been particularly hard hit by the mortgage crisis, reporting one of the highest foreclosure rates in the state.