Fannie Strikes Accord with NACA on Loan Mods

Fannie Mae has agreed to work with one of its fieriest critics -- the Neighborhood Assistance Corporation of America -- in restructuring mortgages for struggling homeowners. NACA chief executive Bruce Marks has complained the mortgage giant is not doing enough to prevent foreclosures and its supporters staged a protest outside Fannie's headquarters last fall. "Fannie Mae is working closely with NACA to establish a pilot program designed to assist distressed borrowers to stay in their homes by restructuring mortgages to achieve an affordable payment. Following review by our regulator, we hope to finalize the program shortly," Fannie said. Based in Boston, NACA offers housing counseling and low-cost mortgages through its nationwide branch system. An agreement with NACA generally includes a commitment to purchase its below-market rate mortgages.