(Newport Beach, CA) On Wednesday at noon, busloads of more than 500 people will converge on the wealthy community of Newport Beach where the Global investment firm Pimco is located (840 Newport Center Drive). NACA will be at the offices of Pimco’s CEOs Bill Gross and Mohamed A. El-Erian to have them set the national standard in stopping foreclosures and making mortgages permanently affordable. This is a continuation of NACA’s Save the Dream Tour that, after a huge success in Los Angeles, will now be holding events in Phoenix, Las Vegas and Oakland.
Pimco’s CEO, known as the Mortgage King, is the world’s largest bond investor. With over $800 billion in assets under management, he sets the standard behind the scenes on how mortgage modifications get done in this country. This is first time investors are going to be held accountable by the homeowners who are affected.
“Bill Gross through Pimco is the wizard behind the foreclosure crisis,” says Bruce Marks, NACA CEO. “It seems that the appropriate analogy is Dorothy in the Wizard of Oz” continues Bruce Marks. “Dorothy was desperate to go home and only after the wizard was exposed was this accomplished. Today there are millions of homeowners who are in fact desperate to go home. This can be accomplished on a large scale when Bill Gross, the mortgage wizard, advocates for long-term permanent affordable payments.”
With the support of Bill Gross and Pimco, millions of homeowners will have the opportunity to have permanent affordable payments. Thus, the leading investor would join all the major servicers, who have legally binding agreements with NACA, to restructure mortgages on the most affordable terms in the country. This is an opportunity for the investor community to achieve a reasonable return by stopping foreclosures and restructuring mortgages with long-term permanent affordable payments.
WHERE: 840 Newport Center Drive, Newport Beach, CA
WHAT: Hundreds Converge on Pimco at their headquarters in Newport Beach