American Dream is Dying: Wall Street is Flying

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The Neighborhood Assistance Corporation of America was founded in 1968.  There is more than a 50/50 chance you’ve never heard of it.  It has been a driving force to secure the ‘American Dream’ for the working class.  They say that that dream is dying, while Wall Street profits are flying high.

Saturday the NACA organized a ‘Save the Dream’ event.  They are demanding the government do something about the foreclosure rate which affects the working class and poor, while Wall Street bankers, who created the problem, continue to report record profits.

Many are calling this continuing problem ‘Obama’s biggest failure.’

With more than 350 employees in 40 locations across the United States, the NACA is an organized and potent ‘people’s lobby.’  They call themselves ‘bank terrorists’ because the attack poor banking practices including overcharging of fees.

“NACA’s aggressive confrontation advocacy has yielded numerous victories against some of the country’s largest and most power financial institutions,” they claim on their website. “NACA was the worst nightmare for a number of huge institutions and powerful individuals.”

NACA claims to have over 100,000 members.  They offer their own mortgage loans with 10 billion dollars in assets.  There is no credit check required, and no down payment.  But those receiving the loans must agree to become members and be active participants.

President Obama has just released a new plan to prevent foreclosures.  His plan follows the lines of private involvement, the same situation that put the country into its present difficulty.

In Phoenix, the President said:

“I believe that our housing system should operate where there’s a limited government role and private lending should be the backbone of the housing market.”

The New York Times noted that “there is little sign of progress” in fixing the housing crisis.

NACA spokesman Bruce Marks says that Obama has failed to keep his promise to the American people.  His policies align with the banks.  He claims that the government must be more involved to protect the consumer.

“The US government and taxpayers did rescue these agencies in 2009 (to the tune of nearly $200bn), and, after injecting them with capital and essentially nationalizing them, these companies started to turn a profit as the housing market slowly recovered,” writes Zachary Karabell in Atlantic Monthly.

“This month, they contributed more than $15bn to the US Treasury, and have been one factor in sharply reducing government deficits.”

Laura Gottesdiener’s new book, ‘A Dream Foreclosed: Black America and the Fight for a Place to call Home,’ focuses on how the foreclosure problem has adversely affected the black community disproportionately.  Before the 2008 housing market crash, banks loaned thousands of sub-prime loans to minorities fully aware they would never be able to pay back the loans.

She totally disagrees with the President’s policies.

“We’ve already tried policies that benefit Wall Street and massive corporations, and all we’ve ended up with is more financial consolidation, speculation and criminal activity,” she concludes.

“If we really want to benefit the majority of Americans, let’s focus on proposals like implementing widespread principal reduction and creating structures of collective local ownership like Community Land Trusts.”

Groups such as NACA are not willing to wait for more government ‘inaction.’  They are fighting for the American Dream, while Wall Street profits continue to soar.

James Turnage

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