ACORN is continuing with its protests against foreclosures

August 31st, 2009 | Tags: Foreclosure

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A rally was organized by ACORN against Litton Loan Servicing in front of a foreclosed house in Los Angeles. It is included in a campaign dubbed Home Wreckers that is focusing on the lenders who are failing to adjust home loans under the new governments Making Home Affordable plan having a budget of $75 billion.

Over two dozen participants belonging to Association of Community Organizations for Reform Now or popularly referred to as ACORN, gathered in front of the home of a truck driver on Wednesday 19th August. They were trying to stop a foreclosure sale.

The demonstration was one of the many being organized against those who are wrecking homes said Anthony Panarese – one of the ACORN organizers. The protest was staged in front of the house of Jose Rodriguez. He is a truck driver and lives here in Huntington Park with his wife and sons. Since the past two years Jose Rodriguez had tried to modify his loan with Litton Loan Servicing. The latter is owned by Goldman Sachs & Co. The efforts of Rodriguez had been in vain.

Panarese complained that calls made to Litton, having its base in Houston, asking for comments was not returned till Wednesday.

ACORN is also focusing on other lenders like American Home Mortgage Investment Corporation, OneWst Bank Group (previously known as IndyMac) as well as HomEq Servicing under the ownership of Barclays.

Last month in July the USA Treasury Department heavily criticized the lenders like JPMorgan Chase & C0, Wells Fargo & Co together with Bank of America Co for failing to live up to expectations regarding helping the homeowners to modify their mortgages that the can no longer afford.

The Obama government requested the lenders to negotiate nearly 500,000 mortgages by 1st November 2009 by availing of the Making Home Affordable Programme. This plan offers incentives to the lenders and borrowers to work out the loans offering affordable realistic terms for needy borrowers.

Two months previously Litton had agreed to modify the loan of Rodriguez but it did not take off because of the lender backing out from the negotiation. Instead instructions were given to proceed with foreclosure. The firm tried to sell of the house in an auction on 15th July but failed to find any customer. As such the property has now reverted to Litton.

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