October 19, 2009

Citi: Taking a Flier

Homeowners (left side of table) meet with bank representatives (right side of table) in the hopes of renegotiating their mortgage payments and saving their home from the possibility of foreclosure at an event organized by the non-profit organization Neighborhood Assistance Corporation of America (NACA)  at the Los Angeles Convention Center on September 28, 2009. NACA provides the opportunity for borrowers to meet with counselors and bank representatives on the spot to renegotiate their loan terms.         AFP PHOTO/ROBYN BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)
I wanted to take one more look at last night’s post about those mortgage assistance sessions hosted by the non-profit Neighborhood Assistance Corporation of America (NACA) which are drawing thousands of desperate home owners around the country. This photo was one of the two buried behind the jump.
What I didn’t focus on clearly enough was how NACA actually manages to draw bank representatives to these mass mortgage restructuring events. That said, the irony of this photo is unending to me. You think Citi (or Wells Fargo) even paid for the ink to print out that little sign? And then, can you believe the guy getting counseling from Citi here in this arena rented out by the non-profit assistance group — when the bank has got to have its own pleasant office or two somewhere within a quarter mile — actually is a representative of the law? Sheesh.

(Image and linked image: Robyn Beck/AFP. caption: Hundreds of financial counselors with the Neighborhood Assistance Corporation of America (NACA) help homeowners process financial information during the ‘Save The Dream’ event October 16, 2009 at the Cow Palace in Daly City, California. Thousands of people lined up for the NACA Save the Dream event for assistance with having their mortgages restructured to avoid foreclosure or an auction sale of their home. NACA has held events throughout the U.S. with over 180,000 people seeking help with their home loans. The event runs through October 20 and is expected to draw over 55,000 participants.)

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Michael Shaw
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