SignOnSanDiego.com > News > Business — Protesting lender practices
Nearly 50 sign-waving demonstrators chanted and marched outside the Countrywide Financial office on Frazee Road yesterday to protest the way the firm has handled soaring foreclosure rates in San Diego County.
Protesters yesterday said Countrywide and other lenders had steered many borrowers into subprime loans when they could have qualified for cheaper, conventional mortgages.
“Be right, be just, be fair,” said Nativo V. Lopez, president of the Mexican American Political Association. “Allow our families to remain in their homes.”
The protest was organized by Lopez’ group, along with the Mabuhay Alliance of San Diego, a nonprofit that assists minority groups, and the Greenlining Institute, a multi-ethnic research and public policy organization.
As they marched along Frazee Road, protesters chanted “Fix our loans, save our homes.” Some of the messages written on signs they carried said, “Got Turkey? Countrywide home loans”; “Keeping my home should not cost me an arm and a leg”; and “Would you give your mom a subprime loan?”
I agree. Countrywide really should be doing more to help. If they don’t, houses will become vacant, prices will slide and… well… that’s just bad for everyone. If California housing becomes affordable, then anyone will be able to afford a home. Not just people who are unable to afford a home at a regular mortgage.
Frankly, Countrywide should be paying their subprime customers just to service them – after all, these are houses in California. They never go down for more than a year or 2. And then they shoot right back up!
Again, this doesn’t really impact the Real Bay Area – just posting this so you can keep up with the news in the subprime arena.