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Hundreds flock to mortgage-saving event at hotel
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Greg Whitesell/Examiner An overflow crowd gathers at the National City Christian Church at Thomas Circle to receive information regarding relief on mortgage payments the last day of an event at the Capital Hilton. Many people were turned away from the event.
WASHINGTON (Map, News) - Hundreds of people swarmed the sidewalks outside the Capitol Hilton on Wednesday morning, some crying and some shouting, all drawn by the promise of a lower monthly mortgage payment.
They were trying to attend the last day of the “Save the Dream of Homeownership” event, sponsored by the Neighborhood Assistance Corp. of America, which offered to renegotiate unaffordable mortgages for free.
By 10:30 a.m., the crowds had surpassed the hotel’s capacity, and NACA volunteers redirected people to an orientation at the National City Christian Church or telling them to call their local NACA office to schedule an appointment.
Ehetagegnehu Tirfe burst into tears when she was told the event was at capacity. “We’ve been here since 5 a.m.,” said the Silver Spring resident, who added she had lost her job after taking the morning off to wait in line. “Where are we now? We don’t have a job, we don’t have the mortgage,” she said.
The Department of Housing and Urban Development has approved the nonprofit to work with home-
owners on fixing their mortgage problems and on budget management.
NACA targets predatory lenders using activist tactics, from rallies outside Congress to accosting bank executives at their homes. Chief Executive Bruce Marks has called himself a “banking terrorist” for his methods.
Participants who made it into the hotel met with counselors who helped determine a restructured mortgage plan and negotiated a new payment with the lender, sometimes all in the same day.
“My mortgage is three thousand-some dollars, and that’s more than my salary,” said Mekonnen Terefe, a District resident who said NACA promised him the organization could knock $500 off his payments, though he did not get to meet with a counselor.
Homeowners looking to refinance through NACA pay no fees. However, the organization requires that successful participants advocate for NACA.
“Membership is a matter of community responsibility,” said Maxine Bender, a spokeswoman for NACA. “When one gets a solution, it is a requirement that they do five items to assist others,” such as volunteer at events or lobby Congress.
Comments from Examiner Readers
4:24 PM MST on Fri., Feb. 1, 2008 re: "Baltimore eyes more lawsuits against mortgage lenders in foreclosure fiasco"
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Union Man said:
This whole mess is Bob Erhlich's fault. Everything that is screwed up in Maryland is Erhlich's fault. Bob Erhlich is also responsible for the Titantic sinking, the explosion of the Hindenburg, the Challenger disaster, The 9/11 attacks and lead paint in toys!
104 agree | 108 disagree
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Tax Free Marylander said:
so can the citizens who pay their bills sue the government because the government put pressure on the lenders and banks for their Equal Opertunity Lender clause? If the government kept their hands out of the cookie jar, and not base thier tax collecting on the money they received from all the questionable loans being made, none of this would have happened! But cities like Baltimore, Cleveland, Philidelphia,,,, banking phoney money. Now that the phoney money is not there, they turn to sueing and illegal shake downs as their new source of income. Just speaking the truth here, if you read and research, you'll understand that our governments are leading us down the road to bankruptcy, so they can get more control over us little people.
117 agree | 98 disagree
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Galt said:
Perhaps if Baltimore would elect someone who would actually see to the business of the City, policing criminals foremost, perhaps it wouldn't need to file mortgagee conspiracy lawsuits.
119 agree | 112 disagree
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fed up with hearing we should "blame the lenders" said:
"Dixon reiterated her concerns that predatory lenders contributed to the rash of foreclosures plaguing the city" - OH REALLY? Didn't these people know what their income was when they signed for these high-risk loans? Of course they did! There may be "predatory" lenders out there but more importantly there were too many "stupid" people who wanted to own a home at any cost. And the cost, as usual, will be on the backs of responsible citizens.
93 agree | 102 disagree
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Examiner Reader said:
So let me get this straight. It's Wells Fargo's fault that people defaulted on their mortgages. Who are they going to blame next? I guess the city will try to extort money to provide free housing to people who aren't responsible enough to pay a mortgage.
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Fed up with LEFTARDS said:
What does Ehrlich have to do with it other than the leftards of this state blame everything on him?
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Fed up with LEFTARDS said:
Sheila the Shoe is sure to run out of town EVERY mortgage company now willing to give loans to those with questionable credit. What an idiot she is. This is nothing short of extortion Je$$ie Jack$on style.
114 agree | 101 disagree
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Examiner Reader said:
According to industry analysts, the vast majority of these forclosures happen because the borrow has made NO attempt to contact the lender -- but just walked away from their loan. Sorry folks, you have to take responsibility for your affairs.
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Examiner Reader said:
maybe.. and this is just a crazy thought here... the foreclosure rate is higher in the city than in the "white suburbs" because "white suburbians" PAY THEIR BILLS!!!!!!! ever think of that?? huh?
123 agree | 129 disagree
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Purgatory said:
These lenders are going to start redlining the City because of its litigous attitude. I think unless these companies blatantly broke the law and were acting in discord with the law it is the buyers responsibility to be sure they understand what they are getting themselves into when they sign. If I can't pay my credit cards bills because I didn't realise they are are going to require me to pay the bill with interest each month is the governement going to bail me out and is the City going to bring suit against the cc companies for taking advantage of my stupidity? I think not!! Well then again maybe!!
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Examiner Reader said:
The law suits will drive honest lenders out of the City. Government needs to get out of the way and let the market take care of itself. This problem would not have happened if government had not forced lenders to stop red lining.
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Examiner Reader said:
Maybe there should be a FUBU mortage bank.
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Puzzled said:
Why not! You can't combat crime or do any of the heavy lifting. SUE!
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Examiner Reader said:
It should be pointed out that suing by Baltimore city of mortgage lenders just might be a two edged sword. Ms. Dixon could find her position on lawsuits against mortgage lenders to be very precarious indeed for the city.
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Examiner Reader said:
dont shop for a new loan. go back to the company that screwed you the first time. just shove those pesky f b i agents out of the way.
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Examiner Reader said:
Nice going Ehrlich.
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