(NNPA)—There are disasters and there are disasters. The current subprime disaster will probably go down as one of the greatest tragedies done to working families, particularly Black families. I saw it coming and predicted it but never in my wildest fears did I think it would be so overwhelming and vicious.

People are losing their homes due to bad mortgages/loans at a very galloping rate. Whole neighborhoods in Denver, Cleveland, Baltimore, Atlanta, Prince Georges County and just about every other populated area—small and big are feeling the pain. Legacies, inheritances, family estates are going down the “drain” and becoming lost to “yesterday.”

From this comes heavy stress that often leads to marital failure. Children can’t take it and seek escape through drugs, gang activity or straight out crime. Middle class communities turn into “golden ghettos” and the pride and prestige are washed away with for sale signs and vacant homes. Twenty-five percent of the personal wealth of African-Americans is beginning to fade away and no one, including the federal government, is stepping forward to protect these victims.

There has been some relief for the “vultures” who caused it but no aid to the actual sufferers. Bewilderment was overtaking my mind.

At last, a vision has been created in Somerset, N.J. The First Baptist Church of Lincoln Gardens, led by Rev. DeForest B. Soaries Jr., has gone into progressive remedy.

Reverend Soaries has addressed this problem head on. He and his parishioners proclaimed “Not in our community.” They have spent decades building up this area of northern New Jersey and they aren’t about to see it go away. They have developed a program known as HARP, Housing Assistance & Recovery Plan.

This was brought to my attention by John Harmon, president of the New Jersey Black Chamber of Commerce. He said, “Harry, you have got to come and see this personally. It is saving this community and we need to clone it big time.” John is most credible so I cut it into my schedule. Besides “Buster” Soaries is a legend in New Jersey. He was recently the state’s Secretary of State. He doesn’t jive and will tell it like it is in a minute. His congregation is one of the most progressive churches in the nation. They have over 130 business owners among them.

So here is the deal. Through the church’s communication sources there is outreach to anyone who feels that their mortgage or debt is about to overwhelm them. Sub-prime mortgage, home equity rip-off, 29 percent financing on a car, etc., are the things that certainly cause this. The victim can call and send out the SOS and an appointment is made.

If they fit the criteria, that is, if they are sincere about finding help, the work begins. The church’s Community Development Corp., CDC, has obtained a pool of money from a local Federal Home Loan Bank. Utilizing that pool an accepted family will have its mortgage bought out from the sheriff or bank whichever is handling the foreclosure at that time by the CDC. The victims stay in the home and begin making rent payments. These rent payments will be reported to their credit reporting agencies and will begin to repair their damaged credit scores. There is debt counseling that they must go to monthly. There is a stress management session that is also held monthly. They have a “coach” or “accountability partner” that agrees to provide moral support and motivation. Employment overview/enhancement and other factors figure in.

Hopefully, not too long, the time comes that the family is ready to try it again. The CDC finances a new mortgage to the family at the same amount as the original note. Keep in mind the family has kept all equity during this period. The new mortgage will be a simple fixed note at a moral and attractive interest rate that they can afford.

The end result is the family (or person) has saved their home. They never left it and, most importantly, their equity is in tact. They probably saved their family relationship and the mental health of all involved. The community keeps its tax base and the neighbors had no devaluation to their property as a result of foreclosure. Everyone is saved from the effects of the evil subprime mortgage hustle. The money used by the CDC is put back into the pool to revolve and help the next “patient.” It’s beautiful!

The National Black Chamber of Commerce is going to adopt this model. Our chapters will work with their members and applicable church congregations to get this started nationally. Reverend Soaries will be coming to our 16th annual convention in New Orleans, July 23-26 to formally present it to the NBCC and from there we will kick it off.

(Harry Alford is co-founder, president/CEO of the National Black Chamber of Commerce, Inc. Web site: www.nationalbcc.org.)