Billionaire Robert L. Johnson, the founder of Black Entertainment Television and owner of the Charlotte Bobcats NBA team, has announced a plan to fight foreclosures.

Johnson has committed $1 billion to enable his minority-owned Urban Trust Bank and a new entity, Homeowners First Bank, to create an arrangement that allows loan servicers to pay the monthly loans missed by borrowers while they work out a repayment plan.

“Our mission would be to undertake mortgage foreclosure prevention activities such as substantial loan modifications, reducing principal and interest wherever appropriate; and to ensure that such modifications and overall reductions in mortgage payments will result in protecting homeowners from losing their homes to foreclosure,” Johnson said.

Source: PRNewswire