GreenPoint Financial Corp. is launching a full-court press for home equity loans.

The New York thrift is giving borrowers a chance to qualify for a $1 million prize in a shoot-off during halftime at a New York Knicks basketball game.

All applicants-whether approved for a loan or not-will receive a 20,000- mile frequent-flier credit on American Airlines.

The springtime initiative is timed to coincide with the peak home equity lending season in the New York area, a large part of GreenPoint's market.

The ambitious promotion shows just how hot competition is getting in the home equity business, industry experts said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.