Posted on 05/19/2009 7:42:48 PM PDT by reaganaut1
...
[Bruce] Marks's nonprofit organization, Neighborhood Assistance Corp. of America, has emerged as one of the loudest scourges of the banking industry in the post-bubble economy. It salts its Web site with photos of executives it accuses of standing in the way of helping homeowners -- emblazoning "Predator" across their photos, picturing their homes and sometimes including home phone numbers. In February, NACA, as it's called, protested at the home of a mortgage investor by scattering furniture on his lawn, to give him a taste of what it feels like to be evicted.
In the 1990s, Mr. Marks [...] organized a protest at the school of another banker's child. He says he would use such tactics again. "We have to terrorize these bankers," Mr. Marks says.
Though some bankers privately deplore his tactics, Mr. Marks is a growing influence in the lending industry and the effort to curb foreclosures. NACA has signed agreements with the four largest U.S. mortgage lenders -- Bank of America, Wells Fargo & Co., J.P. Morgan Chase & Co. and Citigroup Inc. -- in which they agree to work with his counselors on a regular basis to try to arrange lower payments for struggling borrowers. NACA has made powerful political friends, such as House majority whip James Clyburn of South Carolina, and it receives federal money to counsel homeowners.
...
He favors a return to more traditional standards, with full documentation of income and the same fixed interest rate for everyone. Instead of relying on credit scores, he thinks lenders should look into the reasons for any late payments in prospective borrowers' past and prepare renters for the responsibilities of home ownership. Then, if people are given a loan they can afford, they shouldn't be required to make a down payment, he argues.
(Excerpt) Read more at online.wsj.com ...
Long time, well known Marxist scam artist.
Okay bankers....
You gonna let this POS dictate to you.
Pretty damning statement there. Maybe a good lawyer should use it against Mr. Marks to end some of this lunacy from the left.
“and the same fixed interest rate for everyone.”
A thoroughly Marxist idea.
“Instead of relying on credit scores, he thinks lenders should look into the reasons for any late payments in prospective borrowers’ past”
That’s the whole idea of what a credit score is supposed to do.
You said — Okay bankers.... You gonna let this POS dictate to you.
—
It seems they have already...
NACA has signed agreements with the four largest U.S. mortgage lenders — Bank of America, Wells Fargo & Co., J.P. Morgan Chase & Co. and Citigroup Inc. — in which they agree to work with his counselors on a regular basis to try to arrange lower payments for struggling borrowers.
I looked into this group.
They get a lien on your property and you have to obligate to helping in the shakedowns, er, community activities. Some of these actions are illegal. Join the mob.
Think ACORN only more in your face.
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