Thousands show up in LA for free mortgage help (Three Bag Barf Alert)

AP ^ | 30 Sep 10 | JACOB ADELMAN

[SkyPilot]

LOS ANGELES — Armed with folding chairs, coolers and jugs of water, thousands of people who want to avoid losing their homes lined up around the Los Angeles Convention Center on Thursday seeking help with mortgages they can no longer afford.

The nonprofit Neighborhood Assistance Corporation of America, which is offering homeowners the chance to restructure their loans at lower rates, said about 5,000 people were in line when the doors opened at 8:30 a.m.

Thousands more were expected over the next five days, during which counselors will be helping people at risk of foreclosure around the clock.

Bruce Marks, chief executive of NACA, said at similar events around the country, one-third of the applicants have reduced their mortgage rates on the spot.

About 80 percent have reduced their payments within 30 days, Marks said. The reductions typically come through agreements NACA has with lenders to reduce interest, cut the amount owed, and in some cases extend the life of the loans.

Among those waiting in line was Irene Ybanez, 44, a secretary who was looking for help with mortgage payments on a loan that she refinanced in 2007 after her husband lost his job in the real estate business. They refinanced their La Puente home so they'd have money for him to start an architecture business in his native Philippines, but the business failed and now the couple is unable to pay their mortgage.

Ybanez said she had come close to agreeing to a modification deal with her lender, Citibank, but her loan was sold to a third party and the arrangement was canceled.

"It's horrible. It's disgusting, really. It's not that you're begging for anything. You're just trying to make your home payments," she said, choking back tears.

[SkyPilot]

_{Thousands of people wait in line at the Los Angeles Convention Center for free mortgage help in downtown Los Angeles on Thursday, Sept. 30, 2010. A nonprofit group called the Neighborhood Assistance Corporation of America is offering the chance to restructure their home loans at lower rates. An estimated 30,000 people are expected to attend the five-day event. (AP Photo/Nick Ut)}

"Help?" It isn't "help." It is a hand out. It is people expecting other people (that's you and me) to pay for the their mortgage.

Ask these people if they ever intend to pay this money back. I asked that to someone who got his mortgage reduced, and his face went from smug and proud to contorted with anger and defiance in about .04598 seconds flat.

[shankbear]

I am sick of this crap. When will the time come America? When will we take control? Why do we have to pay for these freeloaders? Obama, Dodd and Fwanks should pay these bills. What a friggin joke.

[clintonh8r]

“Obama gittit from he stash!”

[SkyPilot]

A lot of underfed people here.

Practically starving.

I can just see the AP photographer now.

"OK lady....great...great. Now, hold the kid up higher.....yeah...like that...now kid. Kid. KID! Yah, you. Put your finger in your mouth, like your gonna cry.....that's it! Great! Now, look down trodden mommy....Good!"

_{Jamie Franklin holds her daughter, Lillie, while waiting in line with thousands of others to get free mortgage help in downtown Los Angeles on Thursday Sept.30, 2010. A nonprofit group called the Neighborhood Assistance Corporation of America is offering the chance to restructure their home loans at lower rates. An estimated 30,000 people are expected to attend the five-day event. (AP Photo/Nick Ut)}

[SkyPilot]

Notice the yellow shirt goons with NACA written on them.

Right out of the SEIU purple shirt playbook.

_{Thousands of people wait in line at the Los Angeles Convention Center for free mortgage help in downtown Los Angeles on Thursday, Sept. 30, 2010. A nonprofit group called the Neighborhood Assistance Corporation of America is offering the chance to restructure their home loans at lower rates. An estimated 30,000 people are expected to attend the five-day event. (AP Photo/Nick Ut)}

Here are some of these NACA "workers" from a few months ago, snarling and threatening people in the financial district of NYC.

_{Thousands Protest Bank Lending Practices In NYC Financial District Protesters organized by the Neighborhood Assistance Corporation of America chant slogans denouncing mortgage-lending policies outside of One Chase Manhattan Plaza December 14, 2009 in New York City. Protesters marched past various banking headquarters and the New York Stock Exchange, denouncing home loan interest rates and bank bonuses. (December 13, 2009 - Photo by Chris Hondros/Getty Images North America)}

[max americana]

Oh we cant forget the AP’s mandatory woman and child drama picture.

GD MSM pukes...

[snarkbait]

I can not generate even the tiniest boo-hoo for people who bought $25,000 houses for $1,000,000 and now cannot pay for them.

Yet the government continues to reward idiots and financial morons.

[SkyPilot]

There are 13 total pictures showing NACA "employees" engaging in intimidation last December.

http://www.zimbio.com/pictures/bJcryriF_qs/Thousands+Protest+Bank+Lending+Practices+NYC/nhiSy2bAsd_

This LA event stinks to high heaven. These NACA goons are on the leash of Obama, the Democrats, and the Unions.

[screaminsunshine]

They will really be dissappointed when they get the paperwork. You probably need at least two lawyers to decipher it.

[longtermmemmory]

I have heard stories (no proof YET) about skin color quotas. IOW only minorities need apply.

[Shannon]

It appears that many lenders are willing to work with NACA which begs the question, why don't the lenders just work things out with the homeowner. I haven't figured this one out.

I believe that when payments are lowered the unpaid portion goes on the back end of the loan. The person gets to stay in their home and some day when the home is sold that unpaid portion of the monthly payments gets paid back. I think.

But, when the principal is reduced, this is a different matter entirely. Wouldn't that ultimately come back on the taxpayers? If a lender is going to cut the principal then you know that lender has got to be putting in for some type of gov insurance or "stimulus" or something. Right?

[SkyPilot]

The guy I encountered complained about how when "they" originally set this up, he could use his unemployment (he has been on unemployment for a very long time) as "income" when you renegotiated your mortgage. Then he was ticked because he said "they" changed that, and....you couldn't! Not "fair."

I thought of confronting him with the ludicrous notion that an unemployment check could be counted as "income" on a 30 year mortgage, but he was upset enough with me when I asked him about eventually paying the money back.

[screaminsunshine]

Man. These deals suck. I would walk out hand them the keys and dare them to sue me.

[SkyPilot]

I have heard stories (no proof YET) about skin color quotas. IOW only minorities need apply.

Why would that surprise anyone?

We already have:

- two prices for college tuition, one for whites, and one for protected "minorities" (sorry, Asians are too smart to count)

- a two tier class "justice" system where white voters can be intimidated with wooden batons by thugs in black military fatigues, and not prosectued

- special awards for government contracts to blacks and Hispanics that discriminate against whites

- mandated university quotas for minorities

- "affirmative action" (read: discrimination against whites) in job hiring

- military promotions that factor in race above performance reports

- the toleration of special "history months" for approved minorities in the workplace and schools (where any similar celebration of European 'pride' or 'history' would be considered "hate"

- "hate crimes" that only apply to crimes prosecuted against whites

Am I missing anything?

[upchuck]

I wonder if NACA and ACORN are hooked up?