Nonprofit Group Buys Defaulted Home Loans to Fight Blight
April 3, 2009
A New Jersey nonprofit group has purchased 47 defaulted home-mortgage loans from J.P. Morgan Chase & Company with the intention of fighting off blight in poor neighborhoods, The Wall Street Journal reports.
The Orange, N.J., charity, Housing & Neighborhood Development Services, paid about $2.3-million for the defaulted loans and, through foreclosure or negotiations with the current owners, plans to work with other New Jersey charities to renovate and sell the homes to low- and middle-income families.
