Finding Mortgage Crisis Relief
CBS
Transcript
President Bush today called for quick congressional action on the plan to strengthen mortgage Giants Fanny May and Freddy Mack some overstretched homeowners can't wait for Relief and in Washington today they jumped at the chance for help Talia aurus was there as part of our series Changing Times They lined up in the hundreds documents in hand hope in their hearts that today would bring a solution to their mortgage troubles this is not your fault some 3,000 people came to this hotel in the nation's capital desperately hoping to restructure their mortgages and fend off foreclosure with the help of the nonprofit neighborhood Assistance Corporation of America or NAA people are working two or three jobs but they can't afford these mortgages there are people like the mendozas who are struggling to hang on to their home it's very hard to to even think that we're going to lose this that we've been working so hard to to keep and maintain the mendozas say they became prey to A lender who promised them one thing and changed the game after they had already sold the house they had been living in we originally asked for a 30-year fixed uh and we were given a interest only uh very high mortgage their mortgage Bill ballooned to about $5,000 a month a NAA counselor figured out what they could afford 3,000 a month and contacted their lender with that proposal the organization says several lenders including Countrywide and City group have signed on to help make plans like this work so the best scenario for these servicers is to accept the nacka restructure solution reduce the interest rate from 8 10% to 5% and less because you're going to get a reasonable return versus no return versus hundreds of thousands of dollars in foreclosure cost this is just the first stop for what is really a mobile Servicing Center plans are being made to take it on the road across the country today has been a blessing to us um we really feel that we're going to be able to get a good outcome the mendozas are waiting to hear whether the lender will accept the plan but for the first time in a long time they say they're optimistic aurus CBS News Washington