Homeowner Hero's War on Banks

The American Spirit: One Man's Crusade to Help Others Restructure Loans

(CBS)  He calls himself a "bank terrorist."

CBS News Business Correspondent Anthony Mason reports Bruce Marks has introduced guerrilla tactics to the mortgage crisis - from running a sit-in at JP Morgan Chase to dropping furniture on the front lawn of Fannie Mae.

In his campaign to help struggling homeowners restructure their loans, through a non-profit agency he founded 20 years ago, Marks has declared war on American banks. And it's personal:

"It's personal for the homeowners that are being victimized. We're going to make it personal for the CEOs," said Marks. "So we bring the mortgage crisis to their front door, and we are relentless."

National Assistance Corporation of America
Hope Now, Support and Guidance for Homeowners

This year, he led hundreds of protesters to the home of Morgan Stanley CEO John Mack. It paid off:

"I get a call on my cell phone 20 minutes later that we want to work this thing out," said Marks.

He's bullied the biggest banks into submission. They've struck deals with Marks' company: the Neighborhood Assistance Corporation of America that, over the past two years, has helped 100,000 people restructure their loans and get lower payments.

Mason said, "Some people say look, these people should not have been in homes in the first place. They can't really afford them."

"The problem is not who we made the mortgages too. It's the mortgage product," replied Marks.

Across the country, Marks organizes arena-sized mortgage counseling sessions which have drawn more than 300,000 people.

Why does he do it? As CEO, Marks earns $150,000 a year. But the root of his almost religious fervor may be the severe stutter he had as a child. Marks said it made him sympathize with others who were held back - whether because of poverty or race.

What some see as his fighting spirit, others say is a publicity grab.

"I've been called all kinds of things," said Marks. "So whether it's Robin Hood or bank terrorist or whatever - one thing people don't say is that we're not effective."

America's banks will testify Bruce Marks doesn't stutter anymore. They hear him loud and clear.

[HGOODGUY]

The Republicans have finally come up with a cost efficient and compassionate solution for the homeless.

There will be funding availabe for low interest loans to build "Better Crates and Cartons" !!!!

[magoo2u1]

"If the big banks can have their obscene practices "forgiven" and recieve taxpayer monies to get back on their feet, why not do the same for the rest of us?"
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You communist soob. Bailing out corporations is capitalism (ask George W) bailing out "the people" , comrade, is communism. Didn't you take any civics classes in school? That's the mantra , if your not a Republican, your a communist. your not a Republican, your a communist. your not a Republican, your a communist. your not a Republican, your a communist.your not a Republican, your a communist. your not a Republican, your a communist.
AND saying it over and over and VERY loud makes it true. Praise jeebus !!

[garyl615]

This man is of course a hero....you will hear him called a zero by the crooks and the ignorant.

[garyl615]

This man is of course a hero....you will hear him called a zero by the crooks and the ignorant.

[garyl615]

This man is of course a hero....you will hear him called a zero by the crooks and the ignorant.

[imprisoncheney]

Cong. Joe Sestak was on tv yesterday and said he's going to reintroduce a bill that he originally proposed last Spring to forgive principle on home loans.

Everyone should get behind this and call their Reps and Senators -- it's a great idea!

If the big banks can have their obscene practices "forgiven" and recieve taxpayer monies to get back on their feet, why not do the same for the rest of us? It would help 12 million homeowners who owe more on their mortgages than their homes are worth avoid foreclosure.

[r9119111]

by presjfk October 17, 2009 12:52 AM EDT
stuart-johns2, are you a NACA employee?


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Nah -- he is a rich relative.

[presjfk]

This article is one sided and ridiculous; unbelievable it comes from a reputable news source.

I have loosely followed NACA over the years and their image was blatantly communist. It wasn't long ago their website looked like a communist organization with colors and graphics from the KGB. I have yet to hear any explanation for this imagery or tactics, I believe it was no accident.

With this economic crisis they have found an audience and chnaged their outward appearance but not their tactics. They are not a benevolent organization. They have largely forced there way into a position with government and especially banks for profit and power.

NACA has been a referral source and a sponsor of sorts for very bad loans. Their counseling has resulted in many people getting loans they should have never taken. NACA has wrapped themselves up in the guise and lie of consumer protection.

NACA reminds me in many ways of ACORN. A poorly run, often government financed organization with more attitude than expertise, with surprising connections to those in power. NACA is highly motivated by money and extorts money from all directions. It's an organization completely lacking morals, is incompetent and does not understand banking, finance and housing issues for which it advocates, while it bullies its position and demands to government and banks.

I would like to see the personal financial statements of its founder made public. I am guessing it would make for very interesting reading.

[hagan_arnold]

Why is it that every time there is an effort to help the middle class or the poor it is communism? The banking industry got breaks and they should be passing them on not handing out billions in bonuses.

[curse914]

Data coming from that "communist" organization, The Fed, shows that PRESJFK, is beating a Neo-Conservative ideological drum with zero factual evidence to back up claims of "communism".

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

* More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

* Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

* Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

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Every time one of you Neo-Kooks post rubbish like this I will just cut and paste this article.

[docpeter1953]

RE: presjfk wrote: "I have loosely followed NACA over the years and their image was blatantly communist. It wasn't long ago their website looked like a communist organization with colors and graphics from the KGB. I have yet to hear any explanation for this imagery or tactics, I believe it was no accident."

____________________________

You sound like a complete and total idiot with a remark like this. You look at the cover of the book and decide what is inside don't you?

[barcar55]

Great story. We need more people like him who try to help instead of hurt.

[trueblueusa]

Google" Problems with Chase Home Finance"
You`ll see Hundreds of Thousands of letters written by people who ARE being violated by Chase`s Corrupt and purposely Inept tactics !
Just LOOK for Yourself !

[RCC_Soldaten]

I think we need to Tar and Feather the realtors and the bankers for leading many people astray. Not everyone is a rocket scientist when it comes to home budgets and financing. Realtors jacked up home prices and 'bankers' created these 'wonderful' sub-prime mortgages. It was and is borderline criminal.

[jsd330]

Throw the mortgage brokers in there to, with their refinancing scams.

[presjfk]

Mortgage brokers are salespeople. The products were of the banks making.

[joule18]

I may not be a "rocket scientist," but, I knew that we couldn't buy a home here in CA when prices were highly inflated and rising at 20% or more a year? How about money for us responsible ones to buy a modest home we really wanted when we knew it was beyond our reach?

If less responsible people get a bailout for their bad decisions I would be very upset.

[SusanStoHelit]

If he's making banks take refinancing seriously - he's a hero - no matter what the past.

Right now we have people in homes they COULD afford - if their outrageously overpriced mortgage interest rates were brought down to the current levels. Those people should be helped - it's in everyone's best interests.

[imprisoncheney]

drivel --

(Good nic, btw -- drivel is exactly what you're posting)

How about the people who took out mortgages in perfectly good faith, that they could afford . . . and then lost their jobs? which is why a lot of people are going into foreclosure, btw (duhhhh).

Why is the reichwing so eager to throw money at Big Biz -- Halliburton, KBR (the electrocution shower folks), Lockhhed-Martin, Big Healthcare, Big Pharma, etc. ad nauseum -- but when it comes to helping out the individual homeowner or small business person, no way!!! -- that's socialism/communism -- hmmmmm???

You're an obscene hypocrite.

[imprisoncheney]

drivrl --

Ironic, that someone who subscribes to the base immorality that is the reichwing's stock and trade would accuse someone else of committing the crime they themselves are guilty of (resorting to childish remarks) -- no surprise, tho.

Your use of coded language to try to disguise fascist propaganda is as transparent as your morals (which are non-existent): "scheming ways" translates into "blacks trying to cheat those wonderful bastions of fiduciary responsibility -- the banks/mortgage lenders.

Interesting, too, that you completely ignore my question about why goppies are so supportive of corporate welfare, while being so adamantly opposed to individual aid.

I have no need to refinance. I own my own home. And business. Which is none of yours'.

[Vet_Turner]

What howiebu forgets is that most of these people could afford their mortgages if the banks had not upped their rates to sky-high rates.
Yeah, the banks could legally do this but that does not make it right. Raising their rates to places where the banks knew they couldn't afford them was a ploy to take these people's down payment and begin again with another set of unlucky home owners. The banks were making money either way...until the baloon busted for banks too. Now the poor are being blamed. Give me a break howiebu!

[howiebu]

I just watched the story about Bruce Marks and was amused that you portrayed his as somekind of urban hero. You may want to look into Bruce's past in Boston. Through his efforts, the community reclaimation act resulted in numerous people receiving mortgages who should not have qualified.

Much of his efforts were supported by the likes of Barney Frank, The Clinton administration, FAnnie Mae and Freddie Mac. Now as a result of a program he supported that failed, he now comes across as a saviour!

Check your facts and provide the complete story! You may also want to check on why he left Boston!!

[stuart-johns2]

And you may want to post factual links to your claims next time. You make alot of accusations which I suspect are mere conjecture. Post your facts not your bad attitude next time.

[presjfk]

stuart-johns2, are you a NACA employee?