FAME Renaissance Assistance Corporation has launched a drive to raise $50 million to help home owners who are in foreclosure (and can be extricated) as well as those in pre-foreclosure or delinquent save their homes.
According to Denise Hunter, president and chief operating officer of the corporation, the fund will enable the organization to purchase the troubled loans from banks and refinance them at a five percent fixed interest rate, and FAME will service the loans.