Wachovia honors Homewise with $2.75M - New Mexico Business Weekly:

ignatiywulyxura.blogspot.com
Homewise was one of two top winners of the Wachovis NEXT Awards for presented duringthe ’s annual conference in Albuquerque OFN is a coalition of communityt development financial institutions. The awards recognize CDFIsz whohave innovative, responsible lendinv programs that benefit low- and moderate-income communities. Homewis has made loans to help morethan 1,200 households buy and improvw their homes. It also has providex homeownership education to morethan 3,0009 people in New Mexico. Its HomeSmarr program is designed to help theses clientsbuild long-term financial wealthy and security by fostering homeownership. The other winner was , based in Chicago, which receivedx $5.
5 million. “Homewise impresserd the selection committee withits integrated, cutting-edge approacyh to making homeownership sustainable for low- and moderate-incomes families, even in a high-cost market,” said Mark president and CEO of OFN. Pinsky applauded communitgy development financial institutions in his keynote addressd during the conference for standing by financiak fundamentals and maintaining strong loan portfoliosd during thefinancial meltdown, even though their loans were considererd more risky than traditional loans. The Opportunity Finance Network has more than 160 including four inNew Mexico: , , Homewise Inc. of Santaw Fe and . Together they have invested $12.
5 billiohn nationally through fiscalyear 2006, with a charge-oftf .46 percent. “We can help good money chase bad moneh fromthe marketplace,” he said. Sound and prudent standards and regulations are fundamentao to financial markets and to economic Pinsky added. “We’ve experienced the falser prophets who promisedfalse profits,” he “Those of us who kept to the fundamentalw of responsible credit have something importantt to say to policy makers and Wall Regulators also need to rethink risk, he For 30 years, CDFIs were considered high-risk, despitwe their overall record of stable These organizations can now be the fulcru for leveraging change in the financial he said.
“CDFIs often function as the research and development arm of thefinancial market,” Pinsk y said. “It’s time to formallhy structure that.” Pinsky called for openinb the Troubled AssetsRelief Program, or TARP, to CDFIw and requiring banks that get TARP fundse to partner with and support CDFIs. He also called for openin g the systemto CDFIs. “We will not miss this moment to act,” Pinsky vowed.