NACA Announces $1B Assistance for Subprime Victims |
Embargo until 9:30 a.m. April 11, 2007
WASHINGTON, April 10 /PRNewswire-USNewswire/ -- 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 that were driven
by greed to steal the money and dreams of hard working families 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 re-sets, that often double the
initial interest rate, will cause a massive number of foreclosures,
destabilizing communities nationwide.
To ensure these predators modify the loans, NACA is announcing a "Call
for Action" on 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. on this day. NACA welcomes everyone. 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
http://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
Contact: Jason Wheeler, NACA Refinance Director, 617-250-6222, cell:
508-989-3905, jwheeler@naca.com or Bruce Marks, NACA CEO, 617-250-6222,
cell: 617-835-4477, bmarks@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.
SOURCE Neighborhood Assistance Corporation of America
back to topRelated links:
CONTACT:
Jason Wheeler, NACA Refinance Director,
+1-617-250-6222, Cell: +1-508-989-3905, jwheeler@naca.com; or
Bruce Marks, NACA CEO, +1-617-250-6222, Cell: +1-617-835-4477,
bmarks@naca.com
