Countrywide Locks Its Doors As Housing Activists Protest Outside Its Offices

KGO-TV Channel 7 (San Francisco, California) reports:

• Bay Area homeowners barely hanging on because of the mortgage crisis, turned-up on the doorstep of one of the country's biggest lenders on Tuesday. They claim that with interest rates soaring Countrywide Financial is doing very little to help them keep their homes. The community activist group ACORN demonstrated outside Countrywide's San Bruno office. Countrywide responded by locking its doors. [...] Late on Tuesday Countrywide sent a response to ABC7 by saying: "Its concerned with the rising levels of delinquencies and foreclosures." They also said they are not only responding to customers, they are also reaching out to borrowers in distress. But lenders often have no authority to rework a loan by themselves. Most mortgages today are packaged and sold to investors on Wall Street in a process called securitization.

For more, see Bay Area Activists Protest Outside Countrywide Financial (Say Company Not Helping Enough). countrywide pressure zebra