Woman in forclosure threatens to chain herself to bank
A San Gabriel woman facing foreclosure because of a second mortgage has threatened to chain herself inside a bank this morning in protest of the bailout plan and the bank's unwilllingness to help her out of a jam. Here's an early version of the story we have just posted:
SAN GABRIEL - Facing foreclosure on her home, a woman has vowed to handcuff herself inside a Wachovia bank branch in San Gabriel to protest what she says is the bank's unwillingness to listen to her.
Irene Garcia claims Wachovia defrauded her on loan documents. She says her efforts to get the bank to look into her complaints have been to no avail. Legal Aid and other groups she's turned to for help have also brushed her off, Garcia claims.
"We tried everythng -- no one wants to listen to us. We're losing our home, and nobody seems to care."
Efforts are being made to contact Wachovia officials for comment on Garcia's claims.
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CONTRIBUTORS
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| Frank Girardot, Metro Editor for the San Gabriel Valley Newspapers, brings you behind the yellow tape with takes on true crime, cold cases and more. This is also your forum to discuss crime, its impact on your neighborhood and how we cover it. Have any questions or tips? You can leave a comment here or e-mail Frank. |
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Brian Day is the crime reporter for the San Gabriel Valley Newspaper group. E-mail Brian. |
Wow....
I remember when I moved to California:
"You don't own a car?! You cash your check at the check cashing place? ARE YOU A MORON"
The Proc is now the smartest (and most electrifying) man in SoCal.
We must be missing some information, likely a lot.
If a free legal aid group turns her down I can't help but wonder what is missing or what she did in the process of getting the loan that makes her indefensible.
Of course it is a worry when the accused, this time a bank doesn't even put up a sock puppet and at least try to explain their side.
Just wondering. All the facts would be nice.
Irene Garcia - You go Girl, it's a sahme more people aren't willing to start their own personal revolution when they feel slighted.
Too vague to comment. Just one question, did Wachovia originate the loan or purchase it?
Okay just read the article with a lot more details than the blog entry.
Apparently These folks chose to make a minimum payment rather than pay down principal. The question is were they deceived when they got the loan are just fooling themselves?
It's likely that this couple were not asked to put any of their own money into the deal anyway. If they lose the house, so be it. They go back to renting or back to buying a house that is actually within their budget.
The "journalist" ended the story mentioning that Wachovia is the latest "victim" of the financial turbulence. There are no victims in this. Wachovia had irresponsible underwriting standards and borrowers took more money than they could repay. They both need to feel some pain and workout the mortgage. It is in both of their best interests to do so. Wachovia does not want to own her house. The bank and the borrower should make a new deal: reduce the principal of the loan, wipe out any equity they may have had and then start over with payments they can afford.