Consumers Need Protection Now

NACA Urges CFPB to Represent Thousands of Homeowners Needing Help

(华盛顿特区) On Monday February 11 at 11:00 a.m. more than a thousand people including victimized homeowners will converge on the Consumer Finance Protection Bureau (CFPB) to demand the agency do its job and protect America’s homeowners.   Draped with sandwich boards carrying the names of thousands of denied homeowners, the protesters will demand that CFPB require the nation’s lenders provide relief to homeowners desperate for government protection. This is the first action ever against any of the regulators associated with the mortgage crisis. 

The Neighborhood Assistance Corporation of America (NACA) has sent to the CFPB over 60,000 files of homeowners who were denied a modification to make their mortgage affordable and will personally deliver many more to CFPB. NACA is taking this action and requesting a foreclosure moratorium due to the lack of real oversight and effective servicing regulation by CFPB.  While CFPB has established a process to submit such cases they have not addressed these files.

CFPB creates regulations and perceptions of consumer protection but but has failed to engage in action on behalf of homeowners.  This inaction is even more egregious since CFPB’s new mortgage servicing standards won’t take effect until January of 2014 thus doing nothing to protect the thousands of homeowners who are being foreclosed on every day.

Were they presently in effect, some of the new standards could help single mother Sharon Henson of Dallas save her home.  But Henson has a sale date in a few weeks, and presently has little chance of saving her home. In fact, CFPB’s servicing standard announcement encourages lenders to accelerate the foreclosure process now without any consequences. 

“CFPB is providing mortgage servicers advance notice to do their dirty work before the new regulations go into effect”, states Bruce Marks, NACA Founder and CEO.  “When the new servicing rules go into effect in 2014 the landscape will be very different with many more communities devastated due to CFPB’s failure as the consumer watchdog.  When it comes to holding the banks accountable and providing assistance to consumers, CFPB has sat on the sidelines as a no show.” continues Marks.

CFPB has refused to meet with NACA and the homeowners.  While CFPB gives banks ample opportunity to “get their act together” by 2014, they should provide the same standard of protection to homeowners presently at risk of foreclosure.  The CFPB was put in place to protect consumers by the unchecked predatory lending ways of Wall Street.  So far, it has done absolutely nothing to hold lender’s responsible and to protect homeowners.   Today, the CFPB has an opportunity to change that by meeting with the homeowners and taking immediate action on having their mortgages modified. 

关于NACA (

NACA is the largest HUD certified counseling agency. It provides about 30% of the counseling in the country. It has more than two million members.  NACA is the largest and most effective organization in modifying mortgages and provides the best mortgage in the country.  NACA has been highlighted in the national news and its CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers who come through NACA.  See 年度波士顿人。  He has also testified in congress on numerous occasions including on September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis.  For more information go to