Twin Cities' Lender Seeks To Buy, Work Out Problem Mortgages

In St. Louis Park, Minnesota, the St. Paul Pioneer Press reports:

• Mark Saliterman's bank isn't quite 3-years old and hasn't turned a profit, but the 58-year-old entrepreneur still thinks it can help fund troubled Twin Cities homeowners out of foreclosure. VisionBank of St. Louis Park, which Saliterman started in 2005, is rolling out a program to help homeowners who are in or are facing foreclosure keep their homes. Through HumaneMortgage, VisionBank will purchase problem mortgages at a discount from other lenders and lower the monthly payments to a rate the homeowners can afford.

For more, see VisionBank sets sights on problem mortgages (Plan to buy, re-fi loans could curb foreclosures, owner says) (if link expires, try here).