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America's Best Mortgage!
One Mortgage Product - $10 Billion Committed
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4.625%
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Fixed 30 Year (as of 3/2/2010)
No Down Payment, No Closing Costs
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Senator Phil Gramm
Senator Phil Gramm was one of the most powerful politicians and known for his aggressive right wing advocacy. Most people were afraid of him and as chairman of the Senate Banking Committee he had a lot of power. Fleet Bank in a desperate move encouraged Senator Gramm to attack NACA and its CEO Bruce Marks. He made the following comments on the Senate floor.
“There is a CRA protestor who calls himself an urban terrorist, who used these charges against a bank, harassed them for four years, made this man’s life miserable (i.e. Terrence Murray – Fleet Bank CEO). Finally, the bank craters and gives them $1.4 million, gives them $200,000 to setup their organization, they now got 20 offices lending $3.5 billion.”
Gramm threatens NACA
Senator Gramm contacted Bank of America to have them terminate the relationship with NACA. He threatened that none of their legislation or changes would go anywhere until they cutoff NACA. Bank of America was trying to lift the cap on deposits in order to acquire other financial institutions. Despite the fact that NACA and Bank of America had a binding contract, the attack was serious. Their CEO Hugh McColl refused his demand and the relationship with Bank of America continued to expand and flourish.
NACA fights back
NACA not only was not willing to back down but took on the fight with a vengeance. NACA research exposed his financial dealings that built him into a multi-millionaire Senator, in spite of never having worked in the private sector. NACA also noted the very close relationship between Gram and Enron’s CEO Ken Lay, with Gramm’s wife being on their board.
To publicize this information, NACA created radio ads (they can be accessed below) which were played on the most popular stations during prime time morning in evening drives in Texas, Washington D.C, and throughout the country. The cost of over $200,000 was effective in forcing a public debate with Senator Gramm, even though he was afraid to confront us directly.
NACA defeats Senator Gramm
NACA’s CEO Bruce Marks was a guest on many talk radio stations and continued to demand Gramm’s participation. Even the most popular radio station in his Houston district, and their conservative host had NACA speak for two hours. Despite the request for Senator Phil “Chicken” Gramm to participate, he continued to hide from NACA. NACA continued the campaign against him with thousands of calls to him demanding why he was against homeownership for working people, and actions in his district and where he spoke. The campaign ended when he resigned from the Senate.
Listen to nationwide radio ad attacking Senator Gramm
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