Break Through in Foreclosure Prevention

Historic Agreement sets National Standard in Restructuring Mortgages for Long-Term Affordability

(Washington DC) The Neighborhood Assistance Corporation of America will announce the first major breakthrough that will provide unprecedented homeownership opportunities for many working people at risk of foreclosure, including the reduction of interest rates to preserve.   

CUÁNDO: Wednesday, October 24, 2007 at 2:00 PM

DÓNDE: National Press Club – Conference Room, 529 14th Street, N.W Washington, D.C.

OMS: NACA and one of the nation’s largest lenders and servicers will be on hand to announce this precedent setting agreement aimed at foreclosure prevention and homeownership preservation.  Joining both organizations will be homeowners who have already benefited from the agreement.

About The Neighborhood Assistance Corporation of America –

NACA, a national non-profit community advocacy and homeownership organization established in 1988, has been the lead organization in the fight to identify, expose, and oppose predatory lending and exploitive lending practices.  NACA first exposed Fleet Bank’s lending abuses in 1991, followed by numerous other campaigns against companies that victimize low- and moderate-income people pursuing the dream of homeownership.  

NACA provides one mortgage which is the best in the country requiring on down payment, no closing costs, no points, no fees, no perfect credit at a below interest rate currently 5.25% on a 30 year fixed. NACA has $10 Billion committed to this mortgage with more than 30 offices across the country providing working people and an unmatched program and national model for doing mortgage lending the right way. NACA’s program and advocacy have been featured in the national and local media nationwide.  In April 2007, in response to the subprime lending crisis, NACA committed One Billion dollars to refinance homeowners out of their unaffordable loans, constituting the largest commitment to homeowners to date.