(Boston MA) The Neighborhood Assistance Corporation of America (“NACA”) has issued a Call to Action to victims of the subprime lending crisis as the first step in its grassroots campaign to fight back against predatory lenders. Thousands of subprime lending victims will meet at NACA’s 30 offices nationwide at 2:00 pm local time on Saturday, April 21st. A list of NACA offices is available on its website, www.naca.com.
NACA remains the only organization to step up to help the victims with a one billion dollar nationwide refinance program to save thousands of the victims from foreclosure. Thousands of borrowers have already responded by providing their detailed information on NACA’s website – www.naca.com. Now these victims and many more will be coming to NACA’s office to organize against the predatory lenders. People will meet to share their experiences, identify the predators who preyed on them and hold these predators accountable. NACA welcomes anybody who has a predatory mortgage, is at risk of foreclosure, has lost their home to a predatory lender, or cares about what is right.
Millions of loans written in the past few years have adjustable rates which are now resetting. The initial interest rate on these loans was affordable, but many are resetting at double that rate or more, triggering a massive number of foreclosures and destabilizing communities nationwide. “The first step is for people to come forward, realize they are not alone and voice their fears and anger,” stated Bruce Marks, CEO of NACA. “We will hear from everyone, organize community coalitions, and outline a strategy of direct action. We are going to turn victims into activists by showing them how to use aggressive advocacy to fight back against the individuals who created and profited from this massive predatory lending scheme.”
NACA has demanded that the lenders, brokers and investment bankers profiting from these loans must modify them to the terms that borrowers were originally qualified for or should have been qualified for, or suffer the consequences. For those predators who refuse, NACA will work with families to personalize the fight against the CEOs and decision-makers who orchestrated the borrower’s financial and personal destruction, just as it is personal for the victims. NACA will ensure that the predators are confronted by victim activists in their communities, at their country clubs and where they do business.
Subject: Call to Action begins by hearing from thousands of victims across the country.
When: 2:00 p.m. Saturday April 21st 2007
Where: NACA’s Local Offices (Office locations go to www.naca.com, select About NACA)
Contact: NACA National Office: 1-888-297-5568 or the local NACA Office
Who: Office Director, Refinance Victims, and supporters
More Information: information on NACA and our office locations, go to www.naca.com.
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 has more than 30 offices across the country and an unmatched program and national model for doing lending to working people the right way. NACA’s program and advocacy have been featured in the national and local media nationwide.