- Thursday, 27 August 2009 12:06
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Action Now and SEIU HCII rallied and staged a sit-in at Charter One Bank on August 20th and 27th, 2009 to demand that Charter One stop their motion to approve the sale of Ms. Elitha Brown's Home, and give her a loan modification! Elitha Brown is a childcare provider who fell behind on her mortgage payments when she suffered from an injury at work. She tried to contact Charter One to explain her decrease in income as a result of her injury, but they refused to modify her loan so that she could afford the payments. They wouldn't call her back, said they lost her papers and made excuses as to why they couldn't modify her loan. As Ms Brown says, “From the beginning the had no intention of working out a loan modification. They were just giving me the runaround and waiting for time to run out so that they could kick me out of my home.”
The servicer of Elitha Brown's loan is CCO Mortgage, which is owned by Charter One. CCO Mortgage participated in the Making Home Affordable Program that used 50 billion dollars in TARP funds to persude banks to modify loans. CCO Mortgage took money from taxpayers, yet they have only modified 6% of their loans that qualify under the Making Home Affordable Program! If taxpayers helped CCO Mortgage by giving them stimulus money, then CCO should use that money to help taxpayers and modify their loans!
CCO is also under investigation by the SEC for their participation the subprime lending, which led to the current housing crisis.
CCO gave out unfair subprime loans, then they took money from taxpayers, and now they are refusing to modify taxpayer's loans! These bad banking practices must stop! CCO and Charter One must start modifying loans in order to stop the wave of foreclosures that are devastating families, homes and neighborhoods.
Action Now member Imogene Somerville at the sit-in inside the Charter One office
Action Now members marching outside of Charter One
Action Now Executive Director Denise Dixon speaks to WGN News
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- Last Updated ( Friday, 02 October 2009 14:48 )
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