NACA, National Non-Profit Activist Group, Testifies in Support of the Nationsbank Merger With Bank of America

(San Francisco, CA) – The Neighborhood Assistance Corporation of America (“NACA”), a national housing services and advocacy organization that has led high profile fights against discriminatory and unfair lending and mortgage scams, will be testifying today before the Federal Reserve Bank of San Francisco in support of the merger of NationsBank and the Bank of America.

In a letter of support from NACA Executive Director Bruce Marks, he commends the tremendous economic commitment of the proposed new institution.

“Their $350 Billion community reinvestment program”, states Bruce Marks, “is unprecedented and will ensure that individuals and communities that have been denied access to credit will now have access to funds on terms they can afford.  NationsBank/Bank of America will in fact become the nation’s largest private sector affordable housing developer and primary lender to low- and moderate-income people and communities.”

Accompanying Marks are homeowners who have benefited from the variety of housing services and programs provided by NACA and funded by NationsBank.  These homeowners are traveling to San Francisco to show the tremendous impact of NationsBank’s community investment program.

  • First-time homebuyers:  Carolyn and Freddie Hawkins, Charlotte NC and Naomi Martin of Washington DC.
  • Purchase-rehab homebuyer: Mayo Funderburg of Atlanta, Georgia. 
  • Refinance from predatory loan: Genie McNab of Decatur, Georgia.