3 Banks Commit Funds to South-Central L.A.

Three Southern California bankers have committed a total of $3 million in home loans to South-Central L.A. residents who fall below conventional underwriting standards. The pledges came in response to a challenge by nonprofit group Operation Hope, a loan intermediary. Union Bank of California Vice Chairman Rick Hartnack, Far East National Bank President Robert Oehler and Hawthorne Savings Chairman Tim Chrisman pledged $1 million from each institution for the loans. The loans, expected to number about two dozen, will go to applicants referred by Operation Hope who would not otherwise qualify, in an attempt to measure whether they are in fact good credit risks.