WASHINGTON, July 22, 2008 /PRNewswire-USNewswire via COMTEX/ -- Hundreds of homeowners will congregate at the offices of Senate Banking and Finance Committee Chairman Senator Christopher Dodd and Senate Majority Leader Harry Reid and the offices of each of their own Senators and Representatives today, Tuesday, July 22, at 1:00 PM. for "aggressive advocacy."
The demand for NACA's solution has been huge, still packed with homeowners seeking solutions as late as 11 PM Monday night - clear evidence that NACA's services are desperately needed.
NACA has helped nearly ten thousand homeowners fashion affordable mortgage restructures that will enable them to avoid foreclosure and save their dream of homeownership. This unprecedented, five day long, mobile loan servicing operation at Washington DC's Capital Hilton Hotel.
Counselors prepare customized budgets that will ensure affordability and long-term stability. Many prominent financial institutions recognize the value of keeping homeowners in their homes rather than having them put out on the street. Some, however, are refusing to provide long-term affordable restructure solutions and need to be targeted for such predatory practices.
Homeowners will visit to demand help from a Congress that has done virtually nothing to provide relief in this mortgage crisis. The homeowners will be requesting that their legislative representatives personally call the CEOs of the banks and financial institutions that are refusing do the right and just thing. They will be asked to personally demand action. Names of some executives and institutions that have acted irresponsibly include:
President and CEO
Alvaro G. de Molina
Founder and President
CERBERUS CAPITAL MANAGEMENT (owner of GMAC)
John J. Mack
President and CEO
MORGAN STANLEY (owner of Saxon Mortgage)
Larry B Litton, Sr.
LITTON LOAN SERVICING
Owned by Goldman Sachs
Lloyd C. Blankfein
Chairman and CEO
"These executives and their companies have put tens of thousands of homeowners under unconscionable pressure" says NACA CEO Bruce Marks. "All we are asking members of Congress to do is to put their influence on the side of the victims of the subprime scandal, call these executives, and press them to do the right thing. We don't need taxpayer bailouts of irresponsible lenders. We do need fair and affordable mortgages."
SOURCE Neighborhood Assistance Corporation of America
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