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Homeowners Protest Fed Government's Bail Out Of Bear Stearns
POSTED: March 26, 2008
Protestors rallied Wednesday in Midtown Manhattan to speak out against the government's rescue of a Wall Street investment firm.
Hundreds of angry homeowners and taxpayers took to the streets Wednesday outside the Midtown headquarters of J.P. Morgan and Bear Stearns.
"J.P. [Morgan], Chase, what do you know - Corporate greed has got to go!" chanted protestors.
Members of the Neighborhood Assistance Corporation of America criticized the government's use of taxpayer dollars to bail out the troubled mortgage lender. Critics say the money should have been used to help homeowners at risk of foreclosure.
"All we're saying is homeowners need assistance too," said Darren Duarte of the Neighborhood Assistance Corporation. "You can't bail out the investors, bail out the wall street firms who created this crisis and leave homeowners at risk. We think that's not fair. And that's not the American way."
Organizers are calling on J.P. Morgan to enact long-term solutions for struggling homeowners such as loan restructuring plans and payment delays to prevent foreclosure.
The non-profit Neighborhood Assistance Corporation has gotten some of the nation's largest lenders to rewrite unaffordable loans based to what the borrower can afford.
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