Foreclosure Assistance Being Taken on Tour by Housing Advocate
November 16th, 2009
Housing advocate Bruce Marks is taking foreclosure assistance on bus tours. With a smile he nicknamed himself as a non-violent-bank-terrorist. He is the head of Neighborhood Assistance Corporation of America. Marks has taken many hundreds to the mansion where John Mack the CEO of Morgan Stanley lives in Westchester County of New York.
The people shouted slogans in front of the house “Save our homes! Save our homes”. Marks commented that it was outrageous that while the ordinary people were losing their homes by droves he continues in live in a dream house.
Marks has been active protesting against many other executives who are not doing anything noticeable to stem foreclosures. He went to the length of posting their photographs and details of phone numbers on his own web site.
Morgan Stanley responded that it was negotiating with Marks and his group.
For nearly 20 yeas Marks has been operating a non-profit body whose aim is to make home loans realistic and affordable. Over the previous one year he has increased the strength of his staff by double and has now 1,2000 employees working for him across the country. Recently the group has been organizing foreclosure assistance tours and been successful in lowering loan payment for about 100,000 foreclosure victims.
Marks has named his tour as “Save the Dream Tour”. At each stopping point NACA hires a stadium for a couple of days and thousands turn up. In an event in Los Angeles 50,000 arrived. Over 40,000 attended events at Las Vegas and Phoenix.
At San Francisco hundreds of tables were positioned across the stadium to accommodate hundreds of housing advisers. The house owners were instructed to bring their loan papers. Representatives of important banks and loan servicers were also pressurized by Marks to participate.
Marks claims that his team has been able to restructure loans and have the payments reduced for over 90,000 house borrowers in the last 12 months.
One of the beneficiaries is 62 year old Bernice Jackson who travelled hundreds of miles to attend these vents in both Las Vegas and San Francisco. Her husband has retired and the couple is on a fixed income. She alleges that the mortgage agent cheated on them and peddled a loan they could ill afford. She said, “Oh, man. I had a very high interest rate, and through NACA and the help of the servicers, I got the note reduced to 2 percent. So my note went from almost $4,000 a month to $1,600 a month. Yes, I’m very excited, very happy.”
- Moral, Social and Financial Issues Behind Borrower’s Decision to Walk Away From Foreclosures
- Foreclosures are Persisting While Price Slump Too is Continuing
- Foreclosures Somewhat Halted by Loan Modification Programme
- Experts Fail to Reach a Consensus on the Severity of the Foreclosure Crisis in New Jersey
- Foreclosures are Spawning a New Set of Landlords
- Foreclosure Evictions Have Become a Nightmare in Phoenix
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