Hundreds flock to a Neighborhood Assistance Corp of America forum in Stamford for mortgage strategies (here’s a hint – it involves other people’s money).
Update: Ah, I see! The debtors are from other parts of New England. This government sponsored “non-profit” is holding its weekend forum in Stamford to draw attention to all the millionaires who live here.
Stamford sits in the midst of one of the nation’s wealthiest areas, and among the regions particularly hard-hit by the housing market collapse. Nearby Greenwich and other
suburbs are home to many of Wall Street’s wealthiest executives and financial managers.
NACA officials say hundreds of their volunteers and participants at the weekend workshops plan to protest Sunday in front of the homes of some of those executives, sporting bright yellow shirts that read, “Stop Loan Sharks.”
Bruce Marks, chief executive officer of Boston-based NACA, said Congress and the financial industry need to be accountable for their role in the collapse of the subprime mortgage market.
“We saw this scheme out there and pleaded with Congress not to let Fannie Mae do this, or Freddie Mac,” he said, referring to the government-sponsored mortgage programs. [But having been forced to borrow money from their mean ol’ government, now it’s the government’s responsibility to pay off those loans for them. ED]
NACA organizers said more than 1,500 people signed up in advance, but they expect hundreds more to attend as walk-ins without appointments. They say a similar event last summer in Washington, D.C., drew up to 20,000 people.
Maybe I’ll try to track them down and take pictures tomorrow. Should be quite a show.