Oct 20, 2008 11:47 am US/Pacific
Mortgage Bankers Gathering Met By SF Protestors
SAN FRANCISCO (CBS 5 / KCBS) ―
Mortgage lenders from across the country met in San Francisco Monday, and they were met by protests.
The demonstrators carried signs that read things such as "bail out the people not the bankers," and Bill Hackwell with the group 'Act Now to Stop War and end Racism' said its a crime that so many people have lost their homes and the government isn't helping them.
"We say housing is a right, and there should be government intervention on this, to match up those people who are losing their homes, with all those houses that are available," said Hackwell.
He was highly critical of the government bailout package, but John Mechem with the Mortgage Bankers Association said it is that package that is going to help those currently in trouble.
"To help troubled borrowers you need to have liquidity so they can refinance, you need low interest rates so you can refinance them into a more sustainable mortgage product. That's what the liquidity is going to do," said Mechem. "It's going to provide more opportunity for people to get loans."
And Mechem said lenders are reworking loans to help homeowners, who should start by calling their lenders.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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