20/20 Vision

In 1989, Bank of Boston developed a mortgage program called "First Step" and executives there no doubt thought the program would be a suitable response to the Federal Reserve study on racial disparities in Boston mortgage lending. But the program fizzled with not many homebuyers and many less good reviews.

One of the reasons that the program didn't last is that it was developed without the benefit of the wisdom of residents of the neighborhoods it was supposed to serve. Purchase price limits were too low, downpayments and interest rates were too high. Neighborhood residents were telling bankers this since the Fed study was leaked to the Globe in January of 1989. Diana Strother, one of MAHA's women of color who were leading the effort for a truly affordable mortgage program focused on underserved neighborhoods, told bankers that monthly payments needed to be affordable if the program was going to be successful.

This Saturday, MAHA will celebrate the 20th anniversary of a program that was developed by bankers, government officials AND homebuyers from neighborhoods like Dorchester, Roxbury, and Mattapan. SoftSecond mortgages have been part of the Boston mortgage lending landscape for two decades now and the program has changed the lives of more than 15,000 homeowners but perhaps just as importantly, it has changed the relationship between banks and communities of color.

This Saturday, MAHA will dedicate a 20/20 Vision Wall to 20 extraordinary female leaders who have dedicated countless volunteer hours to ensuring the long-term success of the SoftSecond mortgage program. From Adrianne Anderson, Diana Strother, Anna Young, and Juana Gayle-Flores who fought hard for a place at the negotiating table back in the key months of 1989-90 when it was unclear whether banks would agree to anything to the work of a new generation of leaders like Acia Adams-Heath, Esther Maycock-Thorne, Symone Crawford, and LaTanya Ramsey who have organized grassroots support to make sure the program remains strong in an increasingly hostile lending environment. Congratulations to all!