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I was so delighted to actually hear some of what I consider to be good news today. It was exciting. I was a real estate broker in Ca. for many years. In the seventies the first time I sold real estate you could reach an agreement with a handshake almost. In those days I think very few people lied about their income or situation because they always knew that if they lied that invariably you would be found out. Lending practices were much more stringent then and money was tighter. I don't recall hearing of 100% financing, you had to have some skin in the game as they say. However there were some unscrupulous people usually interested in carrying second mortgages on a home in the hope that someone would default. They also decided that if the people needed or wanted the money bad enough they could at least get a generous return on their money, if they couldn't foreclose they could at least get a 12-16% interest rate. At this point the government did step in and declare the practices as usury and unlawful.
Now the government wants to step in and fix loans and lower home values which hurt all the people of this great country and I also know that foreclosures in our own neighborhoods will hurt the value of our own homes. I do not want to see honest hard working people lose their homes but I do hope the government will take a look at some the solutions that this company, National Assistance Corporation of America, has used. It wouldn't cost the taxpayers nearly as much money.
Their goal is to help people with poor credit to purchase or to refinance a predatory loan. The buyers must meet certain requirements and put forth the effort to do their share of the footwork in order to qualify for their assitance. NACA has been successful in getting lenders to work with them and have been able to get lower fixed interest rates to qualified people.. They already have contracts with some lending institutions in place and ready to go. If a lender does not respond to a valid request they have been known to picket in front of the CEO's home of that corporation until they do get a response.All the work they do is at no cost to the buyer. They have been able to help legions of people nationwide. I think they have an incredible organization.
After listening to the gentleman that was being interviewed on the Fox News Network I immediately ran to Mr. Computer to check him out and he is for real. In fact in my opinion if the lenders had stuck to stricter guidelines and had been more thorough about verifying the facts, we wouldnt be in this mess. Forgive me I still haven't completely given up my soapbox but I'm working on it.
Anyway check out this website: https://www.naca.com.
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