"My esteemed colleagues and friends…We at the laborer union bullpit felt it was in "our" best interest to boycott CountryFriedWide banks to protest all the foreclosures subprime loans. I am reaching out to you union brothers and sisters to join our revered group, UNITE HERE, in the glorious day as boycott CountryFriedWide. We the people of our union must protest and show our nation that we will not tolerate being foreclosed on our subprime loans. We represent the hard working, financially responsible working class of America. We have rights bestowed upon us from our beloved constitution
1) The right to feed our gas-guzzling SUVs
2) The right to live in million dollar priced homes
3) The right to access to interest free/low paying loans when when our income/financial situation/credit history can't afford it.
4) The right to "invest" in 100% guaranteed appreciating asset.
5) The right to be completely ignorant and illerate and not understand the terms and conditions of our mortgages.
6) The right to complain our wages are too low despite being X over worldly standards.
7) The right to feed our addiction to foreign made crap that we don't need bought at walmart
8) The right to stuff our faces from Costco and then blame costco for our weight problem
9) The right to buy all sorts of crap we don't need from Home Depot and Lowe's.
10) The right to complain that our wages are too low despite being X multiples
11) The right to be financially irresponsible and expect the government to cleanup our mess
12) The right to except the rest of the taxpayers to bail us out of our stupidity.
13) The right to live in knee-deep in debt and not have any intention of ever paying for things.
Come join me, brothers and sisters, and we'll show all of America just what we are about."
Sincerely,
fat_lazy_union_worker
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A national union of 450,000 workers says members should boycott the lender's banking unit to protest foreclosures on subprime loans.
LOS ANGELES (AP) — A national labor union launched a campaign Monday against Countrywide Financial Corp., calling on members and other consumers to boycott the mortgage lender's banking subsidiary until it guarantees it won't foreclose on borrowers who have fallen behind on adjustable rate loans.
UNITE HERE, which represents more than 450,000 workers in the apparel manufacturing, hotel, restaurant and retail industries, asked consumers not to make deposits at Countrywide Bank and to send e-mails to the company demanding assurances it won't foreclose on borrowers with mortgages that reset last year and this year.
Calabasas-based Countrywide and other lenders have been under intense pressure from lawmakers, consumer groups and others to do more to help stem a sharp increase in foreclosures.
Defaults and foreclosures have been most pronounced on adjustable-rate mortgages made to borrowers with past credit problems. The subprime loans typically require a lower initial monthly payment in the first two or three years before resetting to far higher amounts.
In October, Countrywide announced it would offer refinancing or modifications on $16 billion in loans with interest rates set to adjust by the end of 2008.
The company has also said it is trying to work out payment plans with thousands of other borrowers and has already helped more than 55,000 customers avoid foreclosure this year.
The union worries that Countrywide's loan modification efforts will focus on borrowers who have yet to see their home loans reset, ignoring thousands of others who fell behind beginning last year, said Zakia Henderson-Brown, a research analyst for the union.
"It's a niche group of borrowers we're asking them to consider," Henderson-Brown said.
A call to Countrywide was not immediately returned.
UNITE HERE's campaign comes amid negotiations between mortgage lenders and U.S. Treasury officials aimed at reaching a deal to temporarily freeze interest rates on mortgages.
The initiative, however, is aimed to help homeowners who have managed to make their mortgage payments but wouldn't be able to afford an increase when their loans resets.
By targeting Countrywide Bank, the labor union hopes to hurt the lender's ability to generate the funds needed to make new home loans.
Countrywide began relying on its banking arm to fund loans in the wake of the liquidity crisis that rattled financial markets following the spike in home loan defaults this summer.
It has been aggressively courting new deposits and expanding its bank branches.
uh? I’m guessing that those that have money to deposit in Countrywide Bank don’t have any interest in helping subprime borrowers and the subprime borrowers obviously don’t have any extra pennies to deposit in any bank let alone Countrywide.
uh? I’m guessing that those that have money to deposit in Countrywide Bank don’t have any interest in helping subprime borrowers and the subprime borrowers obviously don’t have any extra pennies to deposit in any bank let alone Countrywide.
uh? I’m guessing that those that have money to deposit in Countrywide Bank don’t have any interest in helping subprime borrowers and the subprime borrowers obviously don’t have any extra pennies to deposit in any bank let alone Countrywide.
uh? I’m guessing that those that have money to deposit in Countrywide Bank don’t have any interest in helping subprime borrowers and the subprime borrowers obviously don’t have any extra pennies to deposit in any bank let alone Countrywide.
uh? I’m guessing that those that have money to deposit in Countrywide Bank don’t have any interest in helping subprime borrowers and the subprime borrowers obviously don’t have any extra pennies to deposit in any bank let alone Countrywide.
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