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NACA Asks for Restructuring of B&C Loans.(Neighborhood Assistance Corporation of America)
WASHINGTON -- The Neighborhood Assistance Corporation of America is calling on subprime borrowers to stand up to their lenders and demand that their loans be restructured or modified so that the payments remain affordable.
NACA chief executive Bruce Marks stressed during a press conference last week that resets on adjustable-rate mortgages are increasing and up to three million families could lose their homes.
"The goods news is that this is a slow-motion crash," Mr. Marks said, and foreclosures are preventable. "But we need a commitment from politicians and lenders" to stop the foreclosures and "restructure and modify these loans."
With $10 billion in financial commitments from Bank of America and Citigroup, NACA provides low-cost, fixed-rate mortgage financing for first-time homebuyers and it has dedicated $1 billion to rescue troubled borrowers from foreclosure.
At the press conference, NACA had a group of Countrywide Financial Corp. borrowers tell their stories about being placed in subprime ARMs with 10% and 11% interest rates and their problems in dealing with escalating monthly payments.
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Source: HighBeam Research, NACA Asks for Restructuring of B&C Loans.(Neighborhood Assistance...