We do the work for them and everyone benefits

Night falls on the Palace Cow, the concerts arena which hosts since Friday the Save the Dream event in the San Francisco area, and Vini Cornejo waits patiently turn to speak to Erick Exum, national organizer of Naca (Neighborhood Assistance Corporation of America). "Thanks Erick, they all granted me!"He says finally with a smile, his cap screwed on the skull. The Californian resident of Victorville and his family had until November 15 to evacuate their homes, seized by the banks. "Our variable rate had climbed up to 8, or the value of our property has decreased 35 since our purchase six years ago, he explains. We have obtained a restructuring of our loan that allows us to keep the House. "The obstacle course began before dawn, along with thousands of homeowners in difficulty of payment, was successful. Because Vini Cornejo is an isolated case. "At least 20 of the people who come to these events get a solution the same day, and 80 of the cases a satisfactory conclusion within thirty days", says Erick Exum.

NACA, a non-profit association which promotes access to the property and combat abusive practices of issuers of mortgages since 1987, iterates through the country since July 2008, supported and accompanied by 15 financial institutions, and not least: big names in finance as Bank of America, Wells Fargo, JPMorgan Chase and Citigroup have agreed to participate in this traveling "caravan". Since its debut in Washington, the Save the Dream campaign stopped in 10 cities to help owners set to lose their domicile. -Of-mouth assisting each visit attracts more world than the previous. NACA has received 50,000 people in Los Angeles late September. About 60,000 have moved these five days in San Francisco.

Nights of waiting under the stars

"I did not know Naca when they came in my city, and three friends who were able to save their homes in Las Vegas to have spoken to me," said Celerino Urrutia, arrived Wednesday afternoon at the Cow Palace, en provenance d' Atlanta. After two nights under the stars, the road was the first to enter the arena Friday morning with his hand documents: proof of income, record of loan insurance owner and property tax. Worth the trip: the interest rate of the loan has been reduced from 5.6 to 3.45 for the duration of the loan, and his monthly payments were lowered from $ 1.489 to 924 dollars.

"The situation of borrowers in this country is catastrophic: 1 million saisies - a record level - have been identified these three months, said Bruce Marks, founder and Chairman of Naca.". We want to show that all these people are desperate for a solution. They are absolutely not fleeing their responsibilities, but they have affaire lending institutions, Editor's note entities which they cannot wait for nothing. As Save the Dream event also aims to make them aware of our free services.

In the eyes of the head of Naca, "the Obama administration is devoid of small owners. Presidential argument to convince banks to restructure problem loans meet indeed little echo, because they are unaware of a key element: issuers of loans are unable to engage in dialogue with each of their customers in difficulty, to find a solution to the problem. "Their traditional economic model is not designed for this, continues to Bruce Marks. Banks do not have the resources that would allow them to eager offer customer service required. However, on average, each entry translates for them a loss of 62 of the amount of the loan. We do the work for them, and everyone benefits.

Attention financial predators ".

Naca approach is simple: after assessment of income and the needs of the household, a financial advisor by the association determines the reasonable amount of monthly repayment. He therefore developed a suggestion for the restructuring of the loan, often through a decline in the rate of interest, and sometimes the principal amount. In paraphernalia of solutions mises implemented by consultants, reductions of 2, 3, or even 4, and the transformation of a variable rate in fixed rate for the duration of the loan are commonplace. All the documents in the file are forwarded to the lender over the Internet. Outside the organisées protests from city to city, these - free - services on the Internet of Naca website and by telephone.

Within the walls of the Cow Palace, the owner if sits with his Advisor (often dressed in a t-shirt adorned with a silhouette of shark with the slogan "Attention to financial predators", yellow), then it is going to meet with a representative of his bank, to evaluate the solution developed by Naca. The visit is not still not find a "happy end", far from it.

"When my Bank, Chase, told me that my loan was issued in reality by Fannie Mae, to negotiate with them and that I will not have a response before 30 days, I dissolved into tears, testifies Sherree Lewis-Devaughn, Professor of mathematics in a Los Angeles College and single mother saddled with debts accumulated through its cartes of credit. I have accepted, in the meantime, an extension of the loan, which reduces my monthly payments of $ 700 for three months, and I have at least the coordinates of a contact in my Bank following my folder.

Meanwhile, Eli Fishman, a locksmith in Los Angeles, does not hide his anger. "The representative of my lender does even not looked the recommendations of the Adviser of Naca.". "Everything was staged by the Obama Government to give a good image", it enrage. Neither he nor his four travel companions received satisfaction. All will have to wait a month to receive the verdict of "private investors" that their bank has sold their loans. They take party Bruce Marks, the Chairman of Naca, come visit the Hall of the bankers to ensure the smooth running of operations.

"Non-violent terrorism".

"The banks who accept to be here assume, by the contract they signed with us, the legal responsibility to give you an answer within fifteen to thirty days", it provides. Then, facing their criticisms and their frustration, the founder of Naca suddenly loses patience: "Are you ready to come with me to visit the Chase CEO and you get the handcuffs" "Because if we are not able to hug us together with lenders, we will never win," their launches before turning heel.

Bruce Marks is devoted body and soul to his cause. He refers with pride his method of "non-violent terrorism". Last February, he has thus taken 300 disgruntled owners do a "tour of the predators. They have made a Sunday visit to the boss of Morgan Stanley, John Mack, its fancy area of Westchester County, near New York. "After twenty minutes, he called on my mobile to discuss", he says. In the "raid", they also threw furniture on the lawns of William Frey, of Greenwich Financial Services, a broker specializing in securities guaranteed by obligations of loans, "to show what resembles a neighborhood where homes are entered by his fault".

Educational goals

"Activism allows to attract their attention, said Bruce Marks, holder of an MBA and former employee of the Federal Bank, but, to truly move forward towards a practical resolution of the problem, the ideal is to provide a turnkey solution." Which is precisely the purpose as Save the Dream event.

NACA neglects nor another aspect of the solution: to reflect individuals on their financial responsibility. Before meeting with their advisor, the participants are welcomed by an orientation session. "In fact, it is an educational session in which it invites us to consider and modify our habits of consumption, indicates André Spicer, the intendant of a College in Los Angeles came Friday to the Cow Palace. I am committed to never use a card of credit as a complement of income, to reduce my electricity consumption and live more frugally. I no longer wish to live in fear of losing my house one day.