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ECONOMIC JUSTICE


Leading attacks on predatory lending
NACA has been in the forefront of attacking predatory lending. The lack of affordable credit to working people creates opportunities for predatory lenders to move in with their high-priced abusive loans. A priority in all of NACA’s campaigns has therefore been to expand the reach of affordable lending. Indeed, NACA’s predatory lending campaigns have all resulted in expanding access to affordable credit to working people and low- and moderate-income communities. In 1991 NACA (previously UNAC) was the first organization to expose the issues of predatory lending.

NACA’s history of aggressive, confrontational advocacy is essential to understanding its current success and to answer the question, “How is NACA able to provide a program that sounds too good to be true?” NACA was established in 1988 as a non-profit community advocacy and homeownership organization. Since then, NACA has developed a tremendous track record of accomplishments, documented in over seven hundred press clips.

NACA’s victories against powerful institutions and people
NACA’s victories have been against some of the country’s largest and most powerful financial institutions. NACA’s aggressive confrontation advocacy has yielded remarkable successes with tremendous benefits for homeowners and communities. NACA’s victory against Fleet was the most publicized. After a four-and-a-half-year war, Fleet Bank surrendered, committing $8.5 billion of additional lending to low- and moderate-income people and paying hundreds of millions of dollars in settlements to people and communities whom they had victimized. It also resulted in the destruction and ruin of Fleet’s predatory lending subsidiary - Fleet Finance.

NACA has never stopped and the victories have been numerous. NACA was the worst nightmare for a number of huge institutions and powerful individuals: NACA defeated First Union and brought its CEO Eddie Crutchfield (i.e. Fast Eddie) to his knees; NACA defeated Ford Motor Company and as a result they divested the Associates and their four billion dollar a year income; NACA defeated The Associates (the country’s largest finance company) and forced them to dramatically change their lending practices; NACA defeated Senator Phil Gramm in his efforts to ruin NACA and its CEO Bruce Marks; and NACA has had victories against Bank of Boston, Barnett, Riggs Bank and Signet. In addition, NACA was instrumental in getting anti-predatory legislation passed in Congress – the Homeowners Equity Protection Act (“HOEPA”) and one of the strongest state anti-predatory legislation in Georgia.

NACA’s continues the fight against predatory lending
NACA continues its fierce battle against predatory lenders who are foreclosing on thousands of homeowners, and threaten to push millions more Americans to the brink of losing their homes. NACA has sounded the call to action, and is putting lenders on notice. We are pushing lenders to renegotiate predatory subprime loans and we have committed a billion dollars to refinancing. We encourage people to participate in our Predator Watch to guard against unscrupulous lenders. Our Predatory Lending Forum is an active community of advocates and victims sharing information and strategies. We are moving toward Predatory Lending Legislation to work to prevent victimization, and we are also establishing a Report Card for Politicians to expose their stands on the issue of predatory lending and economic justice issues.

Linking people and communities to advocate for economic justice
NACA’s Neighborhood Stabilization Committees (“NSC”) are the grassroots foundation for NACA’s neighborhood and organizing activities on both the local and national level. Once Members are settled into their own home, they can help build their neighborhood. NACA helps make connections with other NACA homeowners in communities of all kinds. They meet on a regular basis to address neighborhood issues and to connect to NACA nationwide. Thousands of Members work together to improve school systems, take control of abandoned lots, and fight against gangs, drugs and violence. Starting locally, NACA Members are also perfectly situated to connect with others in their state and throughout the country to create change. Together, we can demand and succeed to achieving economic justice for working people and our communities.

Expanding the fight
As our Membership continues to build, NACA’s power and ability to demand more economic justice only increases. As a NACA Member or a NACA activist, you can become part of the fight. We aim to not only fight predatory lenders, but to hold our elected leaders responsible to working people’s needs. As NACA expands with hundreds of thousands of members nationwide, NACA will have a major impact on the nation’s lending and economic justice issues.



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