(Charlotte, NC) – On Tuesday, April 16 at 10:30 the Neighborhood Assistance Corporation of America (“NACA”) in First Union Plaza will announce a major new initiative by First Union (“FU”).  

Following FU’s annual meeting, which NACA representatives will be attending, NACA will provide information on FU’s lending performance and a multi-state mortgage initiative.  After intensive discussions between First Union and NACA, FU agreed to provide the unprecedented mortgage product developed by NACA (i.e. no down payment, no closing cost, no application fee, and liberal underwriting).  NACA, however, will not agree to the restrictions that FU wants to impose on its activities. 

“We will not allow First Union to hold the borrowers or NACA hostage to the unilateral and arbitrary decisions of FU”, states Reverend Graylan Ellis-Hagler NACA Development Director.

While NACA continues its campaign against FU for its racist lending and employment practices, it will also work with other community groups throughout the country to have them implement the mortgage program FU offered NACA.  

“Other community groups must have the opportunity to review this program and implement it within their communities.   We will ensure that this program becomes the standard for FU in all its lending areas”, states Bruce Marks, NACA Executive Director. 

The press conference begins at 10:30 on Tuesday, April 16th after the First Union annual meeting, which starts at 9:30 a.m.. Fast Eddy Crutchfield will be confronted concerning FU’s lending and employment practices.

BACKGROUND

NACA has established offices in seven states with commitments of over $1.1 Billion from major national lenders such as NationsBank, Fleet and First Union.  To date over 2,000 people have purchased homes through NACA’s unprecedented program.   In addition, NACA continues to be in the forefront in fighting discriminatory and predatory lending practices.

The NACA program provides the best home ownership opportunity for working people with no down payment, no closing costs, and liberal underwriting.  Major lenders have committed over $1.1 Billion to this unprecedented program.   Already over 2,000 people have purchased homes in the seven states where NACA has offices.