HLS & others, what is NACA?

User Forum Topic
Submitted by TemekuT on December 9, 2008 - 11:34pm

Do you know anything about this organization:

https://www.naca.com/index_main.jsp

Is it legitimate? What is the source of the down payment? Who owns this corporation? Is it a 501(c)3?
Are any well-known people on the BOD? Why the partnership with BofA and CITI? Have any piggs had any experience with this group? I would appreciate any information.

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It's a cult :-) A group out
Submitted by HLS on December 9, 2008 - 11:58pm.

It's a cult :-)

A group out of Mass. founded by a guy named Bruce Marks. He shows up on CNBC once in awhile.

They want people to join and be active in their group...

I'm yet to determine if he's a good guy or a wacko.

Last I knew, they only have programs in certain areas and San diego county is not included.
There are price limits in areas that they do cover, called their service areas.

I dont know much about their loans or who they are sold to. There is huge risk in no down loans, if that is what they still do.

IMO, any low down/no down programs, including FHA, artificially keep house prices higher than they should be and allow people who really shouldn't be buying houses to buy them, just because they want to.

I've never looked into this group, but I will see what I can find out.

You have any experience with them ?? . HLS

I saw a video of Bruce Marks
Submitted by cr on December 10, 2008 - 11:15am.

I saw a video of Bruce Marks from about a year ago now, where at a conference on the mortgage crisis a renter who said he was unable to purchase a home because prices got so out of whack asked Marks why he should have to bail out the guy who lied on a loan application, and now can't make his payment?

Amidst the cheers in the audience for their opposition to a bailout, Marks' reply was something like if you talk to your friends and family you will probably find out those facing foreclosure are a lot closer to you than you think.

So in other words, his answer was yes.