Subprime protest
Activists from ACORN rally outside Carrington Mortgage Services in Santa Ana, demanding help for struggling borrowers.
By MATHEW PADILLA
The Orange County Register
Advocates for low-income homeowners Thursday stormed the Santa Ana office of Carrington Mortgage Services.
Protesters from the Association of Community Organizations for Reform Now (ACORN) drove a bus up to Carrington’s office, and about 30 folks paraded out, circled the lobby, and then marched through rows of cubicles demanding to speak to the company president.
As police arrived, the protesters walked to the edge of the office park and, in a series of speeches, said that Carrington refuses to modify loans to help struggling borrowers.
They demanded, among other things, that if a borrower can’t afford higher payments when a low introductory rate ends, that low rate should be extended to the full term of the mortgage.
Carrington officials declined to comment. The company is owned by Carrington Capital Management, a Greenwich, Conn.-based investor. This summer, Carrington bought the loan servicing operation of bankrupt subprime lender New Century Financial in Irvine for $188 million.
“They demanded, among other things, that if a borrower can’t afford higher payments when a low introductory rate ends, that low rate should be extended to the full term of the mortgage.”
… there you have it.. problem solved, just keep the FBs interest rate at the 1% intro rate, and everything will be fine.
basically what tgey are saying is that they want a Govt subsidization of the difference between the teaser rate and the risk adjusted full rate…I.E they want the savers to pay their mortgage.
“basically what tgey are saying is that they want a Govt subsidization of the difference between the teaser rate and the risk adjusted full rate…I.E they want the savers to pay their mortgage.”
This isn’t necesarilly true, is it? It could be that whoever holds the loan now would be doing the subsidizing.
These ACORN people have no respect for legal contracts. Since it is fine with them to cancel a legally binding contract, I say we should go back and cancel the Bill of Rights contract with the people, namely the 1st Amendment. No more right to free speech, no more right to peaceably assemble.
How does that sound ACORN? Do you really want to go down that road?
Amendment I
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.
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