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Lenders will be offering loan modifications without even being asked.
Bankers reduced the pool of the seriously delinquent by offering loan modifications to some and evicting others.
Through Feb. 28, Honda is offering loan rates as low as 3.9percentt for 36 months on Accords equipped with four-cylinder engines.
Congress recently authorized the Nurse Reinvestment Act, offering loan forgiveness to nursing students who go on to work in underserved areas.
"What we're doing with the bulk of underwater borrowers is offering loan mods for principal forbearance, taking a good chunk of underwater principal and setting it aside at a zero rate of interest," Mr. DeMarco said in an interview.
Bank of America also misled borrowers, the Nevada attorney general's filing noted, by offering loan modifications with one set of terms only to come back with a substantially different deal.
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Of the plans in the analysis offering loans, more than half offered just one loan, with the remainder offering at least two.
Prosper, which started offering loans in 2006, just before Lending Club, had offered higher rates and riskier loans, which led to investor losses in the 2008 market collapse.
It began aggressively offering loans to first-time home buyers and to borrowers with modest incomes.
Subprime lenders began offering loans at lower rates and with even looser requirements.
Mr Gant's group has already been offering loans and shared business facilities to local entrepreneurs.
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