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.
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
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.
Neighborhood Assistance Corporation of America
