Protestors Stage Demonstration Against Wachovia Bank

Protestors stage demonstration against Wachovia Bank in Orlando, asking it not to take their houses. It was a loud cry against the bank – “Don’t gobble our homes.” The activists are highly critical of the way the bank has been handling the foreclosure crisis. Sarcastically it has given “Turkey of the Year Award” to Wachovia Bank last Tuesday. The protestors have singled out this bank to be among the most difficult lenders who are not cooperating but rather avoiding the foreclosure issue and the increase of reo properties.

The protestors numbering about two dozen were all members of ACORN – The Association of Community Organizations for Reform. They crowed into the East Colonial Drive office branch of Wachovia Bank wanting to discuss the foreclosure matter. They want the bank to allow people to continue to sleep in the reo houses that are their homes. This particular demonstration was part of a nationwide action plan. Earlier in the day another one had been held in Miami.

One sign screamed, “Don’t gobble our homes” while another, read “Do the right thing. Modify our loans”. Many of those who participated were either indirectly or directly concerned with the foreclosure tragedy hurting thousands.

One of them was Lal Kishinchan of Orlando. He said that the income of his nephew has suddenly dropped recently. It is difficult to get jobs. Under the circumstances he could not carry on making mortgage payments. Now it seems that Wachovia will take over his house in Charlotte. If negotiations are not worked out he will sink into foreclosure and become homeless.

Speaking on behalf of Wachovia, Kathy Harrison its spokesperson said, speaking over the phone from Jacksonville that the bankis mulling over various schemes to avoid foreclosures. Talks have been on with 26,000 borrowers during the past one-year. Kathy Harrison reiterated, “There’s always going to be individual situations. The larger picture is, we’re working with an awful lot of people.” Kathy Harrison added that the bank was deeply involved in merger talks with Wells Fargo of San Francisco. Also on the agenda are discussions about imposing the moratorium.

ACORN has listed its demands. It includes more improved and smooth process of negotiations with the banks so as to effectively stop foreclosures. ACORN had words of praise for Governor Charlie Crist and President elect Barack Obama for strongly advocating a 90-day moratorium on foreclosures. Unfortunately while there are talks and talks the foreclosure juggernaut marches on.