OAKLAND - Providian Financial Corp. is expected to unveil a low-cost mortgage and education program to help lower-income families avoid abusive loans.
The San Francisco company will provide $11 million to support affordable mortgages and develop an education campaign for lower-income families and individuals in Oakland and other cities.
Ten million dollars will be provided through a below-market investment in Neighborhood Housing Services of America, an Oakland group.
Providian will grant more than $1 million over three years to programs to help lower-income consumers improve creditworthiness, acquire affordable mortgages, and build family assets, the company said.
Shailesh Mehta, Providian's chairman and chief executive officer, is to make the announcement here.