Group protests at mortgage group meeting
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adjustable rate mortgages, ARM's, mortgages March 12th, 2008CHICAGO (AP) - Glarushiah Davis is afraid she’ll lose her home because of an alleged predatory lending scheme.
The 62-year-old retired social worker refinanced her $122,000 four-bedroom home in Minnesota four years ago, after a call from a lender. Since then, interests rates on her mortgage have ballooned, doubling her monthly payment of $750 to nearly $1,500, which she said she can’t make much longer.
‘It is society’s problem when you have families on the street,’ she said. ‘I’ve worked. I’ve paid taxes. I vote. Yet we’re the ones getting shafted.’
Davis was one of nearly one hundred protesters with the Association of Community Organizations for Reform Now, or ACORN, who stormed a Mortgage Bankers Association convention at a downtown Chicago hotel on Tuesday afternoon.
The activists, wearing red T-shirts, chanting with megaphones and carrying signs, disrupted a PowerPoint presentation and presented a list of demands, including a foreclosure prevention bill.
Tags: adjustable rate mortgages, ARM's, mortgages
