McCain Mortgage Buyout Proposal Rouses Critics

Presidential contender Sen. John McCain stepped into a political hornet’s nest Tuesday night when he proposed that the U.S. Treasury department “buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes at the diminished value of those homes.”

In subsequent explanations, McCain’s economic adviser Douglas Holtz-Eakin said McCain is proposing that the government would buy mortgages from banks and investors at the original value of loan, no matter how inflated that it now appears to be, and then give the home owner a new mortgage at current value at a more affordable interest rate. “Obviously, the taxpayer is on the hook for the difference,” Holtz-Eakin said.

Barack Obama’s top economic advisor Austan Goolsbee was among those highly critical of the idea. “This proposal, if enacted, would be a massive government subsidy from taxpayers to the most irresponsible banks, including the ones that committed fraud,” Goolsbee said, adding, “This proposal would give the taxpayer all the risk, with no gain.”

Source: BusinessWeek.com, Jane Sasseen

NACA: Save The Dream

NACA
NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA
WWW.NACA.COM
Bruce Marks
CEOHeadquarters:
Boston, MA
(888.) 297-5568OFFICES:

ATLANTA, GA
      (404) 377-4545 AUGUSTA, GA
      (706) 855-7464 BALTIMORE, MD
      (410) 783-0465 BIRMINGHAM, AL
      (205) 942-8111 BOSTON, MA
      (617) 250-6244 BUFFALO, NY
      (716) 834-6222 CHARLESTON, SC
      (843) 556-0497 CHARLOTTE, NC
      (704) 536-7676 CHICAGO, IL
      (773) 723-6222 CLEVELAND, OH
      (888.) 297-5568 COLUMBIA, SC
      (803) 255-0223 DALLAS, TX
      (972) 283-1171 DENVER, CO
      (303) 217-7015 HOUSTON, TX
      (713) 706-3400 JACKSON, M S
      (601) 922-4008 JACKSONVILLE, FL
      (904) 306-9272 KANSAS CITY, MO
      (816) 531-6222 LAS VEGAS, NV
      (702) 562-4387 LAWRENCE, MA
      (978.) 687-3993 LITTLE ROCK, AR
      (501) 687-2960 LOS ANGELES, CA
      (310) 412-2600 MEMPHIS, TN
      (901) 348-0115 MILWAUKEE, WI
      (414) 442-6222 NASHVILLE, TN
      (615) 783-1696 NEW HAVEN, CT
      (203) 562-6220 NEW ORLEANS, LA
      (504) 482-3000 NEWARK, NJ
      (973) 679-2601 OAKLAND, CA
      (510) 652-6622 PHIL ADELPHIA, PA
      (888.) 297-5568 PHOENIX, AZ
      (602) 383-3744 RALEIGH, NC
      (919) 855-8484 SAN ANTONIO, TX
      (210) 826-2828 SPRINGFIELD, MA
      (413) 788-6220 ST LOUIS, MO
      (314) 645-8333 TAMPA, FL
      (813) 287-5051 WASHINGTON, DC
      (202) 328-6333
Dear NACA Member,WE NEED YOUR PARTICIPATION!We are having a historic event in Washington D.C. called “Save the Dream” to counsel and provide affordable solutions for thousands of homeowners with an unafforable mortgage payment. This will take place from Saturday July 19th through Wednesday July 23rd at the Capital Hilton Hotel (Its Free). We are closing all of our local offices from July 18th through July 23rd for all staff and volunteers to participate.

While we have successfully restructured mortgages to reduce interest rates to 5% and less for thousands of homeowners with major lenders, we need to advocate against others to achieve similar solutions. This will include the homeowners meeting with their Congressmen, Senators and regulators to get them to advocate for the homeowners. We will hold these lenders accountable and push them to accept the NACA affordable solution for at-risk homeowners.

YOUR PARTICIPATION IS EXTREMELY IMPORTANT. We need the particpation of all NACA Members throughout the country even if you live far from Washington D.C. Here is how you can help:

For materials and to participate please contact NACA 1-888-302-NACA (6222) select option 1 or email at homesave@naca.com. Please encourage as many people as possbile to particpate in this Save The Dream Event. While attending will be the best opportunity to achieve a longterm affordable mortgage solution, at-risk homeowners can call in during the event to begin the process: call 1-888-302-6222. Over the five days NACA will assist thousands of homeowners. Participants should make an appointment on our website at www.naca.com or by clicking here (walk-ins are welcome but may need to wait). We expect to get solutions the same day for many participants.

Your active participation allows us to provide all of our services for free and to achieve incredible results. We look forward to your active participation.

Sincerely,

Bruce Marks
CEO

P.S. If you have concerns about our services, please contact our call center and speak to a counselor at 1-888-302-6222 from 8:30 a.m. to 9:00 p.m. eastern time.