The Huffington Post recently featured an op-ed by BCC CEO Elyse Cherry. “A New Way Forward on Foreclosures,” which ran on the front page of the business section, debunks two popular myths about the foreclosure crisis and describes how BCC's SUN Initiative model "provides a sustainable and scalable strategy that could help hundreds of thousands of Americans."
"Many in the financial industry say the principle of moral hazard and lenders' financial duties to their investors leaves us no choice but to force people from their homes. At the same time, some in the non-profit world and government say that it's not possible to find the money needed for tackling this nationwide crisis."
"Through our work at Boston Community Capital, a community development financial institution, we have discovered that both myths are false. By operating as a business and not a charity, we have used the capital available in the markets to fund foreclosure avoidance, instead of relying on donors and taxpayers. And with a new $25 million expansion deal, which uses traditional secondary market tools in an innovative way, we have been able to demonstrate that it's possible to harness the power of the financial system to keep a program like ours going indefinitely."