Protestors Demand Foreclosure Relief from Countrywide
The Mabuhay Alliance, Greenlining Institute and Mexican American Political Association organized a protest of about 60 homeowners on November 27th, according to reports from the San Jose Mercury News.
The protesters gathered outside the California offices of Countrywide Financial in what will reportedly be the first of several such events. Their demands? That Countrywide halt foreclosure proceedings on borrowers who have fallen behind on home payments, and that the company help its borrowers modify their adjustable-rate mortgages to loans with more affordable terms.
Organizers of the protest have reportedly suggested that Countrywide executives channel money meant for bonuses into a fund to aid borrowers in need.
In the quarter ending September 30th, Countrywide reported its first financial loss in 25 years.