November 27, 2007

Protesters at Countrywide because of Subprime loans

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.

[snip]

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.

Comments (5) -- Posted by: burbed @ 4:22 am

5 Responses to “Protesters at Countrywide because of Subprime loans”

  1. 3rd Generation Says:

    They will not have long to wait. Countrywide and the Orange Man will, I predict both be history soon. Countrywide to BK proceeding and Orangzillo to Prison. Do they have tanning booths in Prison so he can keep up that healthy orange skinned look? Maybe his NEW wife (Joe) will have a ‘little something” for him to keep his spirits UP…

  2. No vacancy Says:

    While certain examples of breathtakingly stupid borrowing behavior in the subprime markets make good copy, there are many less newsworthy stories of abusive lenders taking blue-chip borrowers for a ride, too. The lending industry is ripe for an overhaul, and lenders are apparently too busy being punitive to homeowners who got behind in their payments to realize that they and everyone else are better off if they can keep people in their homes, and its cheaper for the lender than foreclosing to boot. We’re all in this together, homeowners, renters, banks and businesses alike are and will continue to be affected by this.

  3. ex-sunnyvale-renter Says:

    I’d like to see a White American Political Association, we are a minority now so where are our goodies?!?!?!

    But I digress……

    The best thing is to let the whole thing crash. Bring back the deportations like in the 1930s, bring back the nativism, etc.

    Really I forecast a real backlash against the banksters and well, a whole lot of things.

  4. hedda Says:

    I’m gonna go protest that I didn’t get a chance to get a NINJA loan from any of these sharks in the water.

  5. Jim D Says:

    “there are many less newsworthy stories of abusive lenders taking blue-chip borrowers for a ride, too”

    Blue-chip borrowers who can neither read, not shop around, apparently.

    ‘Cause after all, borrowing a half million dollars is something you should always trust to a commissioned salesman. I know when *I* go shopping for a car, I always believe the salesman!

    These people should have stones thrown at their picket line – to match the ones in their heads.


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