Neighborhood Assistance Corporation of America
Neighborhood Assistance Corporation of America (NACA) is a Boston-based organization that helps homeowners obtain affordable mortgages. It was founded by Bruce Marks.
Purpose of NACA
NACA negotiates modifications of home loans. This includes reductions in the interest rate, as well as reductions of the principal amount of the loan. NACA claims not to charge any money for its services. In April, 2007, NACA announced it would commit $1 billion to refinancing the loans of lower-income people at risk of losing their homes.
Bank [...]
NACA founder Bruce Marks has been quoted referring to himself as a "bank [...]" (or a "banking [...]"). On October 30, 2008, 100 NACA protesters sat on the steps of mortgage finance company Fannie Mae's headquarters and demanded that the government-controlled company modify loans to lower interest rates.
Save the Dream Tour
According to Marks, Boston is not included in his 10-city "Save the Dream Tour" because "We reached out to the governor and there has been no interest in working with us".