Sep 23, 2008 5:24 pm US/Eastern
Group Calls For Bail Out Of Those Near Foreclosure
NEW YORK (CBS) ―
Main Street is starting to rally against Wall Street.
Protesters came together Tuesday in lower Manhattan to demonstrate against Washington's $700 billion bailout.
"Bail out Main Street, not just Wall Street!" the protesters shouted in unison. It's the chant they declared outside the Federal Reserve and it's the argument being heard all across America, a reaction to $700 billion of taxpayers' money being used to cushion the biggest financial fall to hit Wall Street and the nation since the Great Depression.
But what is the government going to do about those who are about to lose their homes to foreclosure?
"We have homeowners every single day, every single minute losing their homes because of the fact that they can't get help," says Tunisha Walker, Political Legislative Director for the Association of Community Organizations for Reform Now (ACORN). "They were either victims of predatory lenders or victims of loans that they could not afford."
And no one understands this more than Okelie Bentley of Staten Island, who along with his mother, bought a $624,000 home two years ago in the belief they would be able to afford the $4,700 a month mortgage.
"We bought this house and were promised that after a year we could refinance and the situation would be a whole lot better," he says.
But the situation has only gotten worse.
"It's an adjustable mortgage, so it's set to go up," he says.
In 2009, the Bentley's mortgage will likely go up at least an additional $1,000 a month – an amount that they just don't have. He says the first thing that went through his head when he learned of the increase was the possibility of losing his house.
Instead of all $700 billion going to bailout the banks, Bentley and ACORN would like the government to dedicate at least a portion of it to the men and woman who pay their taxes and are about to lose their homes.
ACORN is also asking Congress to amend the bankruptcy law and allow homeowners to restructure their mortgages in bankruptcy court so they could save their homes.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
Celebrity Real Names Revealed
Click to enlarge
Ex-NFL QB Steve McNair Shot, Killed In Nashville 14 mins ago
Teen Girl Becomes S.C. Serial Killer's 5th Victim 30 mins ago
Stumble It!
Reporting
