Mounting Foreclosure Crisis Leads to Protests and Demonstrations
Posted on February 19, 2009
Filed Under Repo Houses | 5 Comments
History is repeating itself. The people cannot any further meekly accept the goings on in the country as recession continues to rule the roost. Hundreds of demonstrators crowded before the home of the CEO of a renowned company on Glenville Road. They were railing and ranting against the predatory lending practices.
The Neighborhood Assistance Corporation of America organized the show of protest. It is a non-profit body that sees to the interests of homeowners. They gathered in front of the house of William Frey – the CEO of Greenwich Financial Services.
This step was part of the measures taken by the group to press for accountability from the executives of those companies whom they believe to be largely responsible for the foreclosure mayhem. Now they want these units to come forward to refinance loans so that foreclosures can be avoided and people can continue to stay in their homes, said Liz Floyd a counselor of NACA.
The demonstrators were wearing NACA brand T-shirts with loud signs reading “Fix our loans, save our homes, Shame on you CEO”. They were pressing home the message to Frey that his attempts at preventing modification of loans were causing thousands to become homeless as foreclosures evicted them.
Another senior official of NACA, Marissa Pirazzi said, “These guys know what they are doing. We’re just trying to get people to restructure loans.”
The company of Frey focuses on securities backed by mortgages. The firm also purchases many sub-prime mortgages and profits from the principal as well as interest paid for these loans Frey has been a strong opponent of the modification efforts that are being introduced to heal the damage done.
The organizers drew attention by shouting through bullhorns and carrying signs passing through the middle of the road. For over an hour traffic came to a halt and caused the police to step in.
At the time of the protest Frey and his family were absent from their home. None of the demonstrators were arrested. Over one hundred signboard remained on the front gate of Frey’s residence after the crowd went away. The demonstration was orderly, organized and effective. The demonstrators moved away after having made their point and drawn attention. There was no untoward incident.
NACA has been loudly knocking on the doors of many company executives all through the weekend to make their point heard. John Mack, of Morgan Stanley has had also to face their ire.
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