MMBA to Form Philanthropic Arm

The Massachusetts Mortgage Bankers Association has decided to form an independent philanthropic arm of the association with a nonprofit charitable group.The plan, announced at the 17th Annual New England Mortgage Banking Conference in Providence, R.I., is designed to provide financial assistance for debt management education and to improve the quality and availability of affordable housing in Massachusetts, the MMBA said. The new endeavor is starting off with $75,000 provided by the MMBA, said Kathleen Schreck, president of the foundation. The goal is to build $150,000 in capital in its fifth year. "This foundation formalizes the charitable giving process initiated by the MMBA and will broaden our outreach to the communities with which we serve," she said.