Protesters press Countrywide for help avoiding foreclosure (guess who)

Mercury News ^ | 11/27/07 | AP varius

[BurbankKarl]

Homeowners demonstrated outside Countrywide Financial offices Tuesday, demanding the mortgage giant help them avoid foreclosure. The Mabuhay Alliance, Greenlining Institute and Mexican American Political Association organized the afternoon rally that drew about 60 people in Santa Ana, about 35 miles south of Los Angeles. Similar demonstrations are planned in coming weeks.

The groups want Countrywide to stop foreclosure proceedings on borrowers who are behind in payments and modify adjustable rate mortgage loans that are about to reset to higher payments. They are also asking executives at the company to donate money from bonuses toward a fund for at-risk borrowers.

"These people gamed the system," said Nativo Lopez, president of the Mexican American Political Association. "They continued this game knowing full well that they were bringing borrowers into a market that was turning belly up."

Countrywide said Tuesday about 750 of its Orange County customers will lose their homes to foreclosure by the end of 2007. About 16,000 of customers statewide will foreclose in the same period, the company said.

"Countrywide is ready, willing and able to help borrowers facing financial distress," Countrywide said in a statement. "The company has numerous effective programs to assist borrowers who have the willingness and wherewithal to remain in their homes."

[Moonman62]

These days Countrywide is worried about its own possible “foreclosure.”

[BurbankKarl]

Maybe the Arabs will buy them too

[2ndDivisionVet]

I want my landlord to quit pestering me about that “rent” nonsense that they come looking for every month. Also, what’s up with having to pay for gas, groceries, utilities and clothing?! When is Lexus going to deliver that free luxury sedan to me?

[Not now, Not ever!]

Nativo Lopez = Larry Lopez

[Aaron0617]

They are also asking executives at the company to donate money from bonuses toward a fund for at-risk borrowers.

HA HA....whooooo. That is a good one.

[monkeyshine]

Maybe these guys will make a donation:

A Californian hedge fund has made more than 1,000 per cent return this year by betting against US subprime home loans, making it one of the world’s best-performing funds of all time.

1000% hedge fund wins subprime bet

[VeniVidiVici]

These people gamed the system," said Nativo Lopez, president of the Mexican American Political Association. "They continued this game knowing full well that they were bringing borrowers into a market that was turning belly up."

I hate to break it to old "Nativo" but it wasn't the companies that "gamed the system". I bet 80%-90% of the loans he's whining about had false information as part of the application.

[ozzymandus]

Hey, I thought this was Jesse’s baby! Nativio better watch out.

[freekitty]

Maybe the Mexicans could go home and get a mortgage bailout there.

[RedQuill]

As Countrywide likes to say:

"Su Casa esta MI CASA!"

[newzjunkey]

These companies have a fiduciary duty not to make irresponsible loans. It's bad for their investors, it's bad for their borrowers and bad for the economy. I'm not sure these mortgage companies were as responsible as they should've been when they were handing out loans.

I'm helping a family who bought sub-prime. They eliminated all their other debts and have not missed a mortgage payment. Their loan has not reset yet but will in the next 12 months. They are worried the tightening and waves of foreclosures will eventually overtake them.

[bcsco]

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[Convert from ECUSA]

Dear Santa,

For Christmas this year, I want you to make me into a privileged and protected minority so I can take to the streets, protest and act out every time something doesn’t go my way, and scare the goverment and businesses into giving me all sorts of freebies, privileges, perks, and goodies ‘cause they’ll be afraid of being called “mean” and “racist.” Oh, and I want all that plus not having to work unless I want to, and if I decide to, I get to pick the language which employers are forced to learn in order to communicate with me, or else me and my compatriots will go tell our radical community organizers and we’ll all yowl, protest and sue via tha ACLU until we get lots and lots of money and every employer has to learn our language and respect our culture and in general bow down to us and kiss our priviledged patoots.

Oh, and Santa, if you can arrange to have our country of origin choice have real obnoxious and uppity current and former presidents tell the mean old racist Americans that our territory is wherever we are and hang our hats, that would be really cool too!

(sarcasm off)

[trebb]

These companies have a fiduciary duty not to make irresponsible loans. It's bad for their investors, it's bad for their borrowers and bad for the economy. I'm not sure these mortgage companies were as responsible as they should've been when they were handing out loans.

I agree - it ran both ways; money folks wanting to inflate "profits" in any way possible, and borrowers wanting more than they could afford and thinking that closing their eyes and wishing would keep the payments low.

I personally put the blame at about 70%-30% with the mortgage companies holding the heavy end because they knew what they were doing in most cases.

[woollyone]

>>>They are also asking executives at the company to donate money from bonuses toward a fund for at-risk borrowers. <<<

Spit up my coffee as I laughed when reading that line!

[metmom]

"These people gamed the system," said Nativo Lopez, president of the Mexican American Political Association. "They continued this game knowing full well that they were bringing borrowers into a market that was turning belly up."

No, it was the poor decisions of greedy buyers who thought they could make a killing. When all people can see is $$$$$$$$ signs, common sense goes out the window.

[metmom]

They are also asking executives at the company to donate money from bonuses toward a fund for at-risk borrowers.

That's about the funniest thing I've heard in a long time. How about Nativo Lopez, president of the Mexican American Political Association, and his ilk putting their money where their mouth is? Why don't THEY donate THEIR own money to those at risk people?

What's that you say? I can't hear over the noise of the crickets chirping.....

[org.whodat]

These days Countrywide is worried about its own possible “foreclosure.”

Giving the BS they have pulled I don't care if the lock'em up.

[goldstategop]

Just give us free housing and be done with it! Of course, if Countrywide surrenders to the race hustlers, I am going to demand equal treatment too.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus