(Washington, D.C.) At 9:30 a.m. on Wednesday, April 11th at the National Press Club in Washington D.C. in the Marrow Room, Neighborhood Assistance Corporation of America (“NACA”) will announce a commitment of One Billion dollars to rescue the victims of predatory lenders, and to organize victims to stop the foreclosures and make them whole.
NACA’s purchase program has set the national standard for how lending should be done for people who are considered “subprime.” NACA counsels people into a mortgage they can afford, rather than set the borrowers up for failure, as the crash of the subprime market has made crystal clear. Now NACA brings that standard to refinances.
“Until NACA, No one has stepped up to help the victims with a nationwide program,” states Bruce Marks, NACA CEO. “Committing One Billion dollars on NACA’s incredible mortgage terms sends a message to the victims that there is hope. The message to the predators who were driven by greed to steel the money and dreams of hard working Americans is step up or the consequences will be severe.”
The lenders, investment banks, brokers and other predators need to modify their loans on the terms the borrowers were initially qualified for. The resets that often double the initial rate will cause a massive number of foreclosures.
To ensure these predators modify the loans, NACA is announcing a call for action for Saturday, April 21st. Anyone who has an unaffordable mortgage or is at risk of foreclosure needs to come to one of NACA’s 33 offices at 2:00 p.m. NACA will be welcoming everyone who attends.
Bruce Marks states that “Victims need to come out and recognize that these loans were never intended to make your dream of homeownership a lasting reality. We will hear from everyone and pursue a strategy to stop the foreclosures and hold the predators accountable. Homeowners need to connect with each other and target the predators. NACA will work with them to personalize the fight to the CEOs and decision makers who orchestrated the borrower’s financial and personal destruction.”
For information on NACA and our offices go to www.naca.com.
Subject: First nationwide solution for Subprime lending victims
When: 9:30 a.m. Wednesday April 11th
Where: National Press Club, Washington D.C. – Marrow Room.
Who: Bruce Marks – NACA CEO, Refinance Victims, Ministers, and supporters