A New Ballgame for Qualified Mortgages

I’m a big baseball fan. I’ve got a bucket list item to get to all the major league ballparks. I’ve been to a dozen so far. One I haven’t been to is Fenway Park – home of the Boston Red Soxs. This summer Fenway got a new player – it’s called Fenway Summers, LLC. Have you heard of it? Not only should you know about them, you should also be irritated about them.

According to their web site, “Fenway Summer is committed to rebuilding consumer finance on a foundation of trust. For too long consumer finance has been seen as a zero-sum game: either banks win or consumers win. At Fenway Summer we take a different approach. Our work is guided by the principle that products designed to actually serve consumers will be simultaneously profitable and sustainable.”

This sounds good. Sounds kind of like Credit Unions. So why am I writing about Fenway Summers? Because as a consumer, a taxpayers and a mortgage lender, I find it to be a rather ironic company. Okay, maybe ironic isn’t the right word.

Here’s some more from their web site. “Raj Date, the first Deputy Director of the Consumer Financial Protection Bureau, founded Fenway Summer alongside a team with deep experience in the private and public sectors. We’re united by a shared passion for restoring trust to the marketplace. We do so by advising industry participants and investing directly in groundbreaking new approaches to consumer finance.”

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