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Sep 23, 2008 8:47 pm US/Pacific

Wachovia Meets With Distressed Calif. Homeowners

Reporting
Anna Werner
SAN FRANCISCO (CBS 5) ― Scores of people facing foreclosure here in the Bay Area may finally be getting some help. On Tuesday night they met with officials from Wachovia, the bank they say put them in loans that they can't afford.

The meeting was arranged by the non-profit housing advocacy group ACORN. What prompted the meeting was a protest about 3 weeks ago, where activists from ACORN took over one of Wachovia's branch offices downtown and stopped business for the afternoon. The protest turned into a sit-in as Acorn demanded that a letter be sent to Wachovia's CEO.

They want Wachovia to help those homeowners stay in their homes. Most of the Bay Area residents during the meeting have what is called the pick-a-payment loan that was sold by the former Oakland-based World Savings.

Wachovia bought World Savings in mid-2006 and now many pick-a-payment customers have been unable to keep up with their payments. A probe by CBS 5 Investigates revealed many of those loans were given to elderly minority homeowners in certain neighborhoods. But many now say they didn't understand the loans and could never afford them.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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© MMVIII, CBS Broadcasting Inc. All Rights Reserved.