(Jamaica Plain, MA) Thousands of subprime victims will be responding to NACA’s nationwide Call to Action by meeting at NACA’s 30 offices at 2:00 pm local time on Saturday April 21st, (go to naca.com for offices). The Neighborhood Assistance Corporation of America (“NACA”) will be bringing together subprime lending victims nationwide to fight back against the predatory lenders.
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. There has been a tremendous response with thousands of submissions. Now these victims and many more will be coming to NACA’s office to organize against the predatory lenders.
NACA is open to anybody who has an unaffordable mortgage, is at risk of foreclosure, has lost their home to a predatory lender, or who cares about what is right. People will meet to share their experiences, identify the predators who preyed on them and to hold these predators accountable.
There are millions of loans that were written in the last few years with adjustable rates. These loans have an initial affordable interest rate but are resetting at often double the rate triggering a massive number of foreclosures and destabilizing communities nationwide.
“The first step is for people to come forward and voice their fears and anger”, states Bruce Marks NACA CEO. “We will hear from everyone, form community coalitions, and outline a strategy of direct action. People are angry and scared and want a way to fight back. We are going to turn victims into activists, by showing victims how to use aggressive advocacy to fight back against the individuals who created and profited from this massive predatory lending scheme.”
Lenders, brokers and investment bankers must modify loans to the amount for which they were originally qualified or suffer the consequences. For those predators who refuse, NACA will work with families to personalize the fight to the CEOs and decision-makers who orchestrated the borrower’s financial and personal destruction.
Since this is personal for the victims, it will now be made personal for the predators as they are confronted in their communities, at their country clubs and where they do business.
On Saturday April 21st the Call To Action begins by hearing from thousands of victims across the country. For information on NACA and our offices go to www.naca.com.