ESOP’s Countrywide Campaign

PRESS RELEASEFor Immediate Release, April 13, 2007Contact : Jenelle Dame, 216-361-0718, jenelle@esop-cleveland.org COUNTRYWIDE HOME LOANS PROVES SERIOUS DISREGARD FOR HOME OWNERS IN TROUBLEBorrowers are fed up, plan to visit Countrywide branch office at 27629 Chagrin Blvd., Ste. 102 Beachwood, OH 44122 office on April 16 at 11AM.Cleveland, OH

Maria Gutierrez, a Countrywide borrower working with ESOP to resolve her loan, attended Wednesday’s planning meeting to bring Michael Gross, a Countrywide representative to Cleveland.  ESOP’s Predatory Lending Action Committee has been working since November to meet with Countrywide, and has repeatedly been told “NO”.

Ms. Gutierrez’s troubles started when Countrywide put her payment in another borrower’s account, now she is facing eviction on May 22.  Her question is “Why do we have to pay for something Countrywide did?” 

Other Countrywide borrower’s have the same question.  Florence Miller said a broker employed by Countrywide gave her a loan, even though she did not have the income to support the payments.  The contractors paid for through the broker did not finish home repairs, and now Ms. Miller is left with a moldy, wet basement and unfinished work to the house’s electrical system.

Ms. Vivian Nichols is a borrower who was convinced to sign for an ARM loan, which is now unaffordable to her; however, Countrywide refuses to give her an affordable, fixed rate payment.  Ms Nichols stated that she is “scared of them calling me late at night and early in the morning”.  Ms. Gutierrez agrees by stating “Countrywide only thinks about the house, not the person.”

These borrowers and the over 80 others that ESOP is currently working with have had enough of the abuse by Countrywide.  In an attempt to get some answers for their repeated calls for help, they have decided to visit a local Countrywide branch.  The borrowers will bring small plastic sharks and the demand for Michael Gross to meet with them in Cleveland to discuss the servicing and origination practices related to their loans.  The visit will happen at 11AM on Monday, April 16 at the 27629 Chagrin Blvd. Countrywide branch office.

 For more information, contact Jenelle Dame, Community Organizer at ESOP- jenelle@esop-cleveland.org, or 216-361-0718