NACA CHALLENGES GOVERNMENTS USE OF SETTLEMENT FUNDS IN BANK OF AMERICA & OTHERS SETTLEMENTS

*****MEDIA ADVISORY*****
FOR IMMEDIATE RELEASE
Press Release – August 22, 2014

CONTACT:

Ricardo Herrera, Director of Communications, Cell: 704-962-1605; rherrera@naca.com
Tim Trumble, Media Coordinator – Cell: 704-451-8502; ttrumble@naca.com
Bruce Marks, CEO – Cell: 617-835-4477; bmarks@naca.com

NACA CHALLENGES GOVERNMENTS USE OF SETTLEMENT FUNDS IN BANK OF AMERICA & OTHERS SETTLEMENTS

(Boston, MA – August 22, 2014) – The just-announced $17 billion settlement between Bank of America and the Justice Department while providing some homeowner benefits, takes more than half the amount ($10 Billion) with no benefit to the impacted homeowners and destabilized communities. The $7 Billion in homeowner relief is better than in previous settlements. It will provide some relief to homeowners with principal reductions, communities with programs addressing blight, and homebuyers with innovation purchase programs that generate wealth for low and moderate income homebuyers.

The government’s programs for homeowner relief and deterrence has been ineffective. These programs and settlements have failed to assist millions of homeowner’s who lost their homes. In addition, Eric Holder’s policy of “Collateral Consequences” has resulted in the lack of direct personal punishment for the executives who caused direct personal pain and losses to the impacted homeowners and communities. “Every dollar of the settlements must be dedicated to the homeowners and communities,” states Bruce Marks NACA CEO. “It is outrageous and insulting to impacted homeowners and communities that that their loss was used to fund the Federal Treasury. Also, the basic American premise of personal accountability has been disregard with Eric Holder’s premise that prosecuting the corporate executives and lenders responsible for the mortgage crisis would cause “Collateral Consequences” impacting the financial sector.”

The devil in these settlements is the government since they haven’t helped millions homeowners. In many ways this is an old-fashioned bank holdup. If the government is going to hold on to the loot from the banks, they should at least use the money to help the Americans whose payments toward predatory loans were the source of the loot to begin with.


About NACA (www.naca.com):
NACA, Neighborhood Assistance Corporation of America is one of the largest HUD certified counseling agency with 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 Bostonian of the Year. 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 www.naca.com.

Mr. Marks has

• Led groups of thousands in protest of banks’ predatory lending practices.
• Created the first-ever housing trust fund causing changes to the Taft-Hartley Act.
• Created the unique “America’s Best Mortgage” program, providing fixed below market rate mortgages to low and middle income borrowers with no down payment and no closing costs.
• Conducted more than 150 “American Dream” events that have brought about mortgage modifications to more than 250,000 homeowners across the country.
• Carved out legally binding agreements with all the major lenders to provide mortgage modifications for struggling homeowners.
Media Links:
CNN: One man’s fight against Foreclosures
New York Times: The Homebuyer’s Champion

Mr. Marks is available for interviews and live commentary either in person, by phone or video link.

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NEW YORK POST: “Bank ‘Relief’ Leaves Homeowners in the Cold”

FROM THIS MORNING’S NEW YORK POST:

Maybe size doesn’t matter.

The whopping $17 billion settlement expected next week from Bank of America over its soured mortgage-backed securities may be the biggest ever against a single bank — but for aggrieved homeowners that might not be enough.

Consumer activists are unhappy with Attorney General Eric Holder and President Barack Obama over the reported terms of the settlement. The bank will pay about $9 billion in cash to the US Treasury and state coffers. An additional $8 billion will be in the form of “consumer relief,” while no top executives are expected to see jail time.

“They have absolutely failed the American homeowners,” Bruce Marks, chief executive officer of the Neighborhood Assistance Corporation of America, an advocacy group that helps underwater mortgagees, told The Post

“These settlements are a public relations scheme to try to convince the American people that they’re on their side when the facts show they have been there for the banks.”

Last month, Kevin Whelan, national director of the Home Defenders League, asked Holder to “ensure that the consumers who have been the victims of predatory lending practices see the relief that is intended and has been promised” with the BofA settlement.


Marks, who formerly worked at the Federal Reserve Bank of New York, said he was skeptical of how much homeowners would receive from the bank because of past settlements.Previous settlements “have not provided significant benefits for the homeowners,” he said. “Even though the homeowners were the most victimized, very little was done to help the homeowners.”

Last year, Holder’s Justice Department settled with JPMorgan Chase for $13 billion, where $4 billion went directly to consumer relief, including modifying home loans, providing legal assistance, and contributing to anti-blight programs.

The program is overseen by independent monitor Joseph Smith, who is tasked with making sure the bank is paying out the correct amount to affected homeowners.

So far, the bank has reviewed 100 loans, totaling $6.3 million, according to Smith’s first report in July.

Reviewing each loan can take months, Smith said, with JPMorgan reviewing the claims and then his team of about 20 people reviewing the bank’s work.

“When you get through it all, there are about 30 to 50 tests to determine,” Smith told The Post.

His next report is due by the end of the year, Smith said, and should include “significant additional relief.” He declined to give specifics about the loans being reviewed.

Under the settlement terms, JPMorgan has until 2017 to administer the relief. Smith said he expects JPMorgan to finish before its deadline, noting that it doled out relief as part of a $25 billion national mortgage settlement in about a year.

“I’m just the umpire,” Smith said. “I defend to the death my friends in the advocacy community to keep pushing. My job is to monitor this agreement.”

 

The article can be seen at http://nypost.com/2014/08/14/bank-relief-leaves-homeowners-in-the-cold/

 

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NACA CHALLENGES EFFECTIVENESS OF BANK OF AMERICA SETTLEMENT

*****MEDIA ADVISORY*****
FOR IMMEDIATE RELEASE
Press Release – August 18, 2014

CONTACT:
Ricardo Herrera, Director of Communications, Cell: 704-962-1605; rherrera@naca.com
Tim Trumble, Media Coordinator, Cell: 704-451-8502; ttrumble@naca.com
Website: www.naca.com

NACA CHALLENGES EFFECTIVENESS OF BANK OF AMERICA SETTLEMENT

(Boston, MA – August 18, 2014) – The soon to be announced $16-$17 billion settlement between Bank of America and the Justice Department will be the largest of the recent wave of settlements resulting from the banks’ misconduct that resulted in the economic meltdown. If past settlements are any reflection on the Bank of America settlement, it will provide little if any real help to stabilize and increase home ownership.  The government first gave the banks billions of dollars in the TARP bailout, and now the banks are giving the government billions in fines in what is nothing more than a shell game to generate PR buzz for themselves while the American homeowner has been kicked to the curb.

Just as with past settlements, it’s unlikely that any of the money from this settlement will actually benefit homeowners.  Banks have actually been given credit in past settlements for actions such as Short Sales, doing the exact opposite of the purported intention of helping people stay in their homes. Instead, the money should be used to help with principal write-downs, bringing past due loans current and helping low and middle income borrowers get fair and affordable mortgages.

Neighborhood Assistance Corporation of America (NACA) Founder and CEO Bruce Marks stated, “The devil is in the details and the devil in this case is the government since they haven’t really done anything to help homeowners.”

Mr. Marks has been at the forefront of advocacy for homeowners since founding the organization in Boston in 1988.  He has testified before Congress on numerous occasions, including a warning about the coming mortgage crisis as early as September of 2000 and was named “Bostonian of the Year” in 2007.

Mr. Marks has

  • Led groups of thousands in protest of banks’ predatory lending practices.
  • Created the first-ever housing trust fund causing changes to the Taft-Hartley Act.
  • Created the unique “America’s Best Mortgage” program, providing fixed below market rate mortgages to low and middle income borrowers with no down payment and no closing costs.
  • Conducted more than 150 “American Dream” events that have brought about mortgage modifications to more than 250,000 homeowners across the country.
  • Carved out legally binding agreements with all the major lenders to provide mortgage modifications for struggling homeowners.

Media Links:
CNN: One man’s fight against Foreclosures
New York Times: The Homebuyer’s Champion

NACA is the nation’s largest HUD certified counseling agency, founded in 1988, providing roughly 30% of all the housing counseling in the country. Mr. Marks has remained the country’s foremost advocate for home ownership, and was recently referred to by The New York Times as “The Homebuyer’s Champion”.

 

 

 

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NACA Social Media Guidelines – Must Read Before Posting

The following are the guidelines for this Forum and all NACA social media, including Facebook, Twitter, Google Plus, Pinterest, NACA Radio and Live Chat:

The following rules have always been posted near the top of the Forums page on the forum website at http://forums.naca.com, just above the links to the five forum categories:

Welcome to the NACA Forums! Please keep in mind that this is a public forum. Any derogatory, inflammatory or questionable content will be removed by administrators. Also, please DO NOT post any personal information, such as passwords, NACA ID numbers, or Social Security numbers; NACA Staff will never require this information on the Forums.

Disregard for the rules and abuses of the forum and other social media in general is not tolerated. Such activity hinders the effectiveness of the NACA social media efforts as tools for asking questions, sharing information and for those who are seeking help with problems in either the Home Save or Purchase programs. To prevent such abuses, the following rules apply for this Forum and all NACA social media:

F(orum) comes before E(mail):

Maybe not in the alphabet, but here in the forum, F comes before E. In other words, please post your question in the Forum rather than circumvent the system and send an Email to an address you happen to find in the forum. The forum exists for several purposes, not the least of which is the sharing of information that may be beneficial to many of our members.

Most of the questions we receive are more generic in nature than most people think. By posting a question in the Forum first, it can be most likely answered here in the Forum unless it involves specific information in your file. By handling the question or problem here whenever possible, other members experiencing a similar problem could get the answer and help they need more quickly and without making a single additional keystroke.

If your post does require specific information, you will be advised on the best means of contact with us so any personal information can be communicated securely and confidentially.

The Forum Does Not Replace NACA Services:

The NACA Forum or other NACA social media are in no way a substitute for NACA Counseling and Advocacy services whether in the Home Save or Purchase Programs, and information found here should not be considered a replacement for communicating with a NACA counselor, Member Services rep or any other NACA representative. While much of the information here is general in nature and applicable to most situations, specific questions regarding your file cannot be addressed in this or any other public forum for privacy reasons. Additionally, every file has unique factors and issues of its own. Therefore, you should always attempt to communicate your questions and concerns with your Mortgage Consultant in the Purchase Program and with a Counselor,  Member Services or Servicer Investor Team (SIT) representative in the Home Save program. Our Member Services Department can be reached at 425-602-6222 from 8am to 6 pm Eastern Time Monday through Friday.

Keep it Civil:

Another serious issue is the tone used in some messages. We eagerly invite anyone who is having what they perceive to be any sort of problem with the NACA process or on line system to use the NACA Forum and social media channels as a means of reaching out to us with those concerns so we can help solve them in whatever way we can.  However, please remember to compose your message in the same manner in which you would like to receive the response. As noted above, “derogatory, inflammatory or questionable content” has always been grounds for posts to simply be deleted without response, and will continue to be so. Deletion of any and all messages from any individual or group of people is at the sole discretion of the Forum administrators. This includes sarcasm as well as insulting and accusatory statements. While we are in fact eager to help with any problems that may occur, if you can’t write without being cynical, you may want to hold off a bit until you can be more rational in expressing your concerns.

 No Personal Information:

While this one should be common sense, it is surprising how many people will post their name, NACA ID number and even their telephone number in a forum post or even on Facebook. Please remember that what you write here can be read by anyone on the internet. This is not a membership-restricted site, so please do not post any information about yourself here that you would not announce over a microphone to a crowd of twenty thousand people. Again, that personal information starts with and includes your NACA ID number. Never post it or any other personal information in a public forum, here or anywhere else on the web.

Oh, By the Way, Who Am I Talking To?

Under other circumstances, this would actually be funny. We far too commonly receive emails from members who go to substantial effort to make sure they have provided a wonderfully detailed explanation of their problem or question to insure we have all the information necessary to address their concerns… Then forget to include their NACA ID number, leaving us in the dark or doing detective work to find out which file we are dealing with.

It’s really a simple, common sense rule. NEVER post your ID in a public place, but ALWAYS include it (every time) in private communications such as an email or the Live Chat system available through our website.

One Way or Another:

While we realize you intend to be thorough by doing so, posting the same message to the Forum, our Facebook page, and emailing it to a Forum administrator is actually counter-productive. Most likely, all three messages will go to the same person, which means answering the same question for the same person three separate times. This redundancy only slows down our response time to you and everyone else we are trying to help. So please limit yourself to one method when communicating with us.

Once is Enough:

Likewise, posting the same message in multiple threads in the Forum will have the same effect as posting through several different media.

Each still has to be addressed and responded to separately, which only slows down our response time and can confuse members who may then falsely think that they have read the entire thread previously and possibly miss out on some important information that could have a bearing on their own file.

Similarly, multiple messages each day with minor or random questions bog things down too. We want to answer those questions for you, but in such a circumstance, please send them all in one daily message if possible.

By posting in this Forum, you certify that you have read and agree to abide by these rules.  Failure to comply with these rules will result in the deletion of offending posts and the writer potentially being banned from this Forum and other NACA social media.

As you can see, these are really just common sense rules, largely based on common courtesy. Abiding by these guidelines will help the NACA staff help you in whatever means possible and encourage a positive, free flow of information through this Forum, which is its most fundamental purpose.

Thanks!

(Rev. 4/29/14)

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Chicago American Dream Tour Event

NACA’s American Dream Tour stops in Chicago, IL for a five day event, Thursday,  June 12th through Monday, June 16th at the Hyatt Regency Chicago, 151 E. Wacker St., Chicago, IL 60601.    The event will run from 8am to 6pm all five days. The NACA Home Save and Home Purchase programs will both be represented at the event.

The Home Save Program gives homeowners with an unaffordable mortgage the opportunity to get their mortgage restructured to an affordable payment and avoid foreclosure.  Representatives of all the major lenders will be on hand as well as investors Fannie Mae and Freddie Mac so that many homeowners can receive a same-day solution to their mortgage problems.

The Home Purchase Program allows potential home buyers to obtain “America’s Best Mortgage” with no down payment, no closing costs, no points and always at a below market interest rate on a fixed rate, 30-year loan.   Today’s rate (as of 56/5/2014) is 4.0%.

NACA’s American Dream Events are always free, open to the public, and there is no charge for NACA’s services.  More information and registration for this and all of NACA’s scheduled American Dream Events can be found on our website at http://www.naca.com.  While advance registration is preferred, walk-ins are also welcome.

 

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Documents Needed for NACA Purchase Program

Here are the documents needed to begin the process of getting a mortgage through the NACA Purchase Program.  Make sure you provide the following: 

  • Pay Stubs (most recent 30 days)
  • Bank Statement for all accounts (last 90 days, all pages) even if blank
  • Self Employed persons…most recent 12 month all pages including blank. Itemized Business Deposits (BD) Itemized Business Expense (BE)
  • Self Employment worksheet (received at event or workshop)
  • your work history, residence history and bank account(s) information
  • W-2 (2012 & 2013) • Federal Income Tax Return last 2 years. (2012 & 2013)
  • Copy of the most recent 401k, PERA, Retirement statement (all pages)
  • Completely filled out Budget forms (received at event or workshop) 
  • Signed Membership Agreement (received at event or workshop)
  • Signed Authorization (received at event or workshop)
  • Signed Participation Pledge (received at event or workshop)
  • Landlord Contacts Form from Purchase Work Shop Book (received at event or workshop) 
  • Employer Contacts Form from Purchase Work Shop Book (received at event or workshop)
  • Check for membership and Credit Report ($20 yearly membership & fee for credit report for each household member over age 21) or you can go online to your NACA web file and pay the membership and credit report fees.

Make sure you bring ALL the documents mentioned above even if you faxed them prior to the event or workshop, as sometimes they do not fax properly.

We wish you the best on your journey to home ownership!

Posted in NACA Purchase Program, NACA Technology, Save the Dream, Uncategorized | 9 Comments

Richmond Virginia American Dream Event

NACA’s American Dream Tour stops in Richmond, Virginia for a five day event, Thursday,  May 15th through Monday, May 29th at the Greater Richmond Convention Center, 403 N. Third Street, Richmond, VA 23219 .    The event will run from 8am to 6pm all five days. The NACA Home Save and Home Purchase programs will both be represented at the event.

The Home Save Program gives homeowners with an unaffordable mortgage the opportunity to get their mortgage restructured to an affordable payment and avoid foreclosure.  Representatives of all the major lenders will be on hand as well as investors Fannie Mae and Freddie Mac so that many homeowners can receive a same-day solution to their mortgage problems.

The Home Purchase Program allows potential home buyers to obtain “America’s Best Mortgage” with no down payment, no closing costs, no points and always at a below market interest rate on a fixed rate, 30-year loan.   Today’s rate (as of 5/8/14) is 3.75%.

NACA’s American Dream Events are always free, open to the public, and there is no charge for NACA’s services.  More information and registration for this and all of NACA’s scheduled American Dream Events can be found on our website at http://www.naca.com.  While advance registration is preferred, walk-ins are also welcome.

Posted in NACA Purchase Program, NACA Technology, Save the Dream, Uncategorized | Leave a comment

NACA Social Media Guidelines – Must Read Before Posting

The following are the guidelines for this Forum and all NACA social media, including Facebook, Twitter, Google Plus, Pinterest, NACA Radio and Live Chat:

The following rules have always been posted near the top of the Forums page on the forum website at http://forums.naca.com, just above the links to the five forum categories:

Welcome to the NACA Forums! Please keep in mind that this is a public forum. Any derogatory, inflammatory or questionable content will be removed by administrators. Also, please DO NOT post any personal information, such as passwords, NACA ID numbers, or Social Security numbers; NACA Staff will never require this information on the Forums.

Disregard for the rules and abuses of the forum and other social media in general is not tolerated. Such activity hinders the effectiveness of the NACA social media efforts as tools for asking questions, sharing information and for those who are seeking help with problems in either the Home Save or Purchase programs. To prevent such abuses, the following rules apply for this Forum and all NACA social media:

F(orum) comes before E(mail):

Maybe not in the alphabet, but here in the forum, F comes before E. In other words, please post your question in the Forum rather than circumvent the system and send an Email to an address you happen to find in the forum. The forum exists for several purposes, not the least of which is the sharing of information that may be beneficial to many of our members.

Most of the questions we receive are more generic in nature than most people think. By posting a question in the Forum first, it can be most likely answered here in the Forum unless it involves specific information in your file. By handling the question or problem here whenever possible, other members experiencing a similar problem could get the answer and help they need more quickly and without making a single additional keystroke.

If your post does require specific information, you will be advised on the best means of contact with us so any personal information can be communicated securely and confidentially.

The Forum Does Not Replace NACA Services:

The NACA Forum or other NACA social media are in no way a substitute for NACA Counseling and Advocacy services whether in the Home Save or Purchase Programs, and information found here should not be considered a replacement for communicating with a NACA counselor, Member Services rep or any other NACA representative. While much of the information here is general in nature and applicable to most situations, specific questions regarding your file cannot be addressed in this or any other public forum for privacy reasons. Additionally, every file has unique factors and issues of its own. Therefore, you should always attempt to communicate your questions and concerns with your Mortgage Consultant in the Purchase Program and with a Counselor,  Member Services or Servicer Investor Team (SIT) representative in the Home Save program. Our Member Services Department can be reached at 425-602-6222 from 8am to 6 pm Eastern Time Monday through Friday.

Keep it Civil:

Another serious issue is the tone used in some messages. We eagerly invite anyone who is having what they perceive to be any sort of problem with the NACA process or on line system to use the NACA Forum and social media channels as a means of reaching out to us with those concerns so we can help solve them in whatever way we can.  However, please remember to compose your message in the same manner in which you would like to receive the response. As noted above, “derogatory, inflammatory or questionable content” has always been grounds for posts to simply be deleted without response, and will continue to be so. Deletion of any and all messages from any individual or group of people is at the sole discretion of the Forum administrators. This includes sarcasm as well as insulting and accusatory statements. While we are in fact eager to help with any problems that may occur, if you can’t write without being cynical, you may want to hold off a bit until you can be more rational in expressing your concerns.

 No Personal Information:

While this one should be common sense, it is surprising how many people will post their name, NACA ID number and even their telephone number in a forum post or even on Facebook. Please remember that what you write here can be read by anyone on the internet. This is not a membership-restricted site, so please do not post any information about yourself here that you would not announce over a microphone to a crowd of twenty thousand people. Again, that personal information starts with and includes your NACA ID number. Never post it or any other personal information in a public forum, here or anywhere else on the web.

Oh, By the Way, Who Am I Talking To?

Under other circumstances, this would actually be funny. We far too commonly receive emails from members who go to substantial effort to make sure they have provided a wonderfully detailed explanation of their problem or question to insure we have all the information necessary to address their concerns… Then forget to include their NACA ID number, leaving us in the dark or doing detective work to find out which file we are dealing with.

It’s really a simple, common sense rule. NEVER post your ID in a public place, but ALWAYS include it (every time) in private communications such as an email or the Live Chat system available through our website.

One Way or Another:

While we realize you intend to be thorough by doing so, posting the same message to the Forum, our Facebook page, and emailing it to a Forum administrator is actually counter-productive. Most likely, all three messages will go to the same person, which means answering the same question for the same person three separate times. This redundancy only slows down our response time to you and everyone else we are trying to help. So please limit yourself to one method when communicating with us.

Once is Enough:

Likewise, posting the same message in multiple threads in the Forum will have the same effect as posting through several different media.

Each still has to be addressed and responded to separately, which only slows down our response time and can confuse members who may then falsely think that they have read the entire thread previously and possibly miss out on some important information that could have a bearing on their own file.

Similarly, multiple messages each day with minor or random questions bog things down too. We want to answer those questions for you, but in such a circumstance, please send them all in one daily message if possible.

By posting in this Forum, you certify that you have read and agree to abide by these rules.  Failure to comply with these rules will result in the deletion of offending posts and the writer potentially being banned from this Forum and other NACA social media.

As you can see, these are really just common sense rules, largely based on common courtesy. Abiding by these guidelines will help the NACA staff help you in whatever means possible and encourage a positive, free flow of information through this Forum, which is its most fundamental purpose.

Thanks!

(Rev. 4/29/14)

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Revised NACA Member Services Hours

Please note that the hours for NACA Member Services have changed.

 

To accommodate changing demand, our Member Services lines are now open from 8:00 a.m. to 6:00 p.m. Eastern Time Monday through Friday.  The Member Services phone number is 425-602-6222. You may communicate with us any time by email at services@naca.com.

NACA Member Services 425-602-6222

NACA Member Services 425-602-6222

 

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New NACA Office in Richmond VA

It is with pride and gratitude to the people of Central Virginia that NACA announces its newest office opening soon in Richmond.  We are proud to play a part in the revitalization of historic Richmond and contribute to the city’s growth through making affordable home ownership a reality for everyone! Special thanks to #NBC12 for their coverage to help document this special moment in NACA history!  http://www.nbc12.com/story/25196529/naca-opening-in-richmond-continuing-help-for-homebuyers

Abandoned homes in Richmond such as this one will hopefully soon be a thing of the past when NACA opens its newest office in Central Virginia!

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