That organization is the Neighborhood Assistance Corporation of America. Its CEO, Bruce Marks, is a man who calls himself a “nonviolent bank terrorist” in an interview despite the fact that the organization actually works with banks to assist homeowners seeking loan modifications.
Marks asserted that NACA can accelerate the loan modification process by helping homeowners gather the necessary paperwork on one end, while on the other assembling bank employees who actually have authority to make a decision.
“We have destroyed the myth that it takes
To that end, NACA is hosting one of its “American Dream Events” at Ontario Convention Center. The event began Thursday and runs through Sunday.
Dozens of employees from Bank of America, Wells Fargo, J.P. Morgan Chase and other loan servicers arrived at the event to meet the hundreds of people who arrived in hope of negotiating a loan modification or drawing up an affordable mortgage.
The Ontario event is NACA’s 58th such gathering of homeowners and lenders, Marks said. He predicted that 55 percent of attendees will be able to reach some type of mortgage solution, such as a lower interest rate, forbearance agreement or even a principal reduction.
Marks went on to assert that 80 percent of attendees will reach a deal with their lender within 45 days.
Elaborating on his description of himself as a “nonviolent bank terrorist,” Marks said NACA protests outside bank CEOs’ houses in order to pressure executives into agreeing to what NACA views as more equitable lending policies.
But when he went on to discuss the way NACA works, Marks made it clear the nonprofit
NACA earns a fee from banks when homeowners who obtain loan modifications make three months of timely payments, Marks said.
Angeanette Dowles, vice president of Bank of America’s home retention division, said at the Ontario event she expected her bank’s employees to make same-day decisions on 60 percent to 70 percent of the people they meet.
The most frequent agreements are built on lowered interest rates, she said.
Dowles credited
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