"Leading the way to save the American Dream"
The long path to home ownership led Rudy and Edith Villareal and their son, Andy, to an
adjustable-rate, low-interest loan on a four-bedroom house on Chicago’s West Side. "The loan
officer told us: 'It's not a perfect loan. It has an adjustable rate, but you can refinance it in
a year and get the house now.' We wanted the house, so we jumped," said Edith.
later, with a subprime mortgage crisis sweeping the nation, the Villareals could not keep up with
rising monthly payments. Fearful of losing their home, Rudy called the local alderman, who
recommended the Rescue Loan Program at ShoreBank.
ShoreBank developed the first-of-its-kind
program, which refinances mortgages at risk of default, as a response to the wave of foreclosures
in Chicago and across the country. Research showed that, like the Villareals, about 10,000
homeowners in the bank's target communities in Chicago were candidates for the program, with income
and credit that would qualify them to replace their adjustable-rate mortgages with 30-year
fixed-rate loans at ShoreBank. "This crisis is far from over," said Michelle Collins, Senior Vice
President, Mortgage Lending. "We hope that continued support from our depositors will allow us to
fund more mortgages in this time of great need."
The Villareal family considers itself
fortunate. Rudy adds: "I tell everyone about ShoreBank. I just could not disappoint my son
because he was so excited about having our own home."