(Boston, Massachusetts) Homeowners who are being foreclosed on will be speaking out in front of Governor Patrick’s office on the third floor of the Massachusetts state house at 1:00 p.m. Thursday April 26, 2007. The Neighborhood Assistance Corporation of America (“NACA”) is bringing together the victims of the subprime lending crisis to voice their frustration and anger at the Partrick administration’s inability and refusal to assist the thousands of Massachusetts’ homeowners who are on the verge of losing their home.
NACA remains the only organization to step up to help the victims with a one billion dollar refinance program to save thousands of homeowners from foreclosure. “We want the Governor and our legislators to have an opportunity to hear directly from the families being foreclosed on.” says Bruce Marks, NACA’s CEO. “Governor Patrick is in a unique position to provide a solution. As a former director of Ameriquest, one the country’s largest subprime lenders, he is the country’s highest ranking public official with insider knowledge of this industry. He is now in a position to actively “encourage” lenders to facilitate workouts that benefit the homeowners of Massachusetts as well as the lenders.”
NACA receives large numbers of calls from families losing their homes, and the message they repeat is that they are not getting any meaningful response from the government officials. They often recommend counseling, which sounds nice, but if the lenders won’t modify the loans it does no good. The Patrick administration’s policy changes around licensing and foreclosure prevention are helpful, but there is immediate need for assistance for families losing there homes today. Families have expressed three initiatives that can make an immediate difference:
- Governor Patrick call a meeting with the major lenders licensed to do business in the State of Massachusetts.
- Forge an agreement to place a moratorium on foreclosures due to predatory lending practices.
- Establish a process to modify loans to rates and terms the borrowers were originally qualified for and can afford.
Subject: Subprime Victims speak out at the Massachusetts State House.
When: 1:00 p.m. Thursday April 26, 2007
Where: NACA’s National Office 3607 Washington Street in Jamaica Plain, MA, 02136
Contact: NACA National Office: 1-888-297-5568
Who: Refinance Victims, and supporters