ESOP’s Countrywide Campaign

Read accounts of the events here:

 http://www.jec.senate.gov/hearings.htm#072507

http://jec.senate.gov/Documents/Hearings/07.25.07%20Subprime%20Mortgage%20Crisis/Cleveland%20Magazine%2007.2007.pdf

MEDIA RELEASE

For Immediate Release, July 25, 2007

Contact : Jenelle Dame, 216-361-0718 (office)

jenelle@esop-cleveland.org

ESOP’s community leaders fight predatory lenders, like Countrywide Home Loans, nationwide

In conjunction with the Joint Economic Committee hearing on the foreclosure crisis

Empowering and Strengthening Ohio’s People (ESOP) community leaders fight nationwide to combat the foreclosure crisis in Cleveland, OH.  Two ESOP leaders, Audrey Sweet and Barbara Anderson, are testifying before the Joint Economic Committee on July 25 at 10AM on the crisis, while back home, Countrywide Home Loan borrowers fight for their right to be homeowners.

Audrey Sweet is a Countrywide borrower who came to ESOP with a predatory loan, which Countrywide offered a modification, but also neatly avoided explaining any of the predatory terms in her origination paperwork.

However, Countrywide is not so willing to work with some of the other borrowers working through ESOP for a resolution.  In an attempt to get some answers on their loan resolutions, ESOP’s Countrywide leaders will be visiting a law office at 1:45 on July 25.  The law office location is being withheld from the public; however, you may contact the ESOP office for the address.   

According to 2005 Home Mortgage Disclosure Act (HMDA) data, Countrywide was the third largest lender in Cleveland. Despite claiming that sub-prime lending is a very small part of its portfolio, a full 21% of those loans were classified as “High Cost”. More importantly, the vast majority of those loans were made in minority census tracts.

ESOP’s goal is for Countrywide to sign a fair lending agreement so that any Countrywide borrower in Northeast Ohio will benefit from workout assistance, and any new Countrywide borrower will not be victim to predatory lending.

ESOP is a grass roots organization that uses community organizing to hold lenders and loan servicers accountable for their abusive practices. ESOP is a member of Community Shares.

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