Faith Groups Rally to Help Foreclosure Victims in East Contra Costa
While political pressure is being stepped up by the Obama government on the banking sector to do more to contain the financial crisis, a call has been given out by church-based groups in eastern Contra Costa County to help foreclosure victims. This call, particularly in recent times, has become more urgent.
Two groups at the grass-roots level – the Contra Costal Interfaith Supporting Community Organization (CCISCO) and the PUSH coalition-have joined forces in finding a more effective solution. CCISCO, an Antioch based support organization, comprises mainly of the churches attended by the Spanish speaking faithful. Rev. Jesse Jackson is associated with the Rainbow Push coalition. The group is currently being joined by legislators and officials from the financial sector.
One of those who have turned for help from CCISCO is a man named Miguel Sanchez. Miguel is in his early fifties and has been jobless since the collapse of the construction sector. To add to his woes, his monthly mortgage payment recently jumped to $2,400. He was awarded temporary modification, but hope turned to despair when Sanchez realized he could not manage to pay the modified amount. His ability to pay his dues was undoubtedly going to worsen within a couple of years because he was on the verge of bankruptcy. In fact, bankruptcy was the only alternative available to him.
He is now preparing to walk away from his home, which took him all his life’s savings to purchase. But there is a slim hope that CCISCO will be able reach an agreeable deal with his lenders. Sanchez bitterly commented, “The only people making money right now are the banks, Wall Street. They’ve got all the power over there, but they forgot about the people, the people working hard just for a living. I don’t ask for money; I ask for a little help.”
The housing market of east Contra Costa County has become one of the worst hit areas by the foreclosure crisis. Thousands of units have been swallowed up by foreclosure, which drags down property prices even further. Nearly half of all the foreclosures (8,112) across the county are from this one region alone.
The faith group has started holding rallies that are now drawing hundreds of people. Two of these were attended by Jesse Jackson. Bullhorn protests are also being held in front of banks. Last spring, a chartered bus trip traveled to Washington D.C. to proclaim their demands for a better housing market.
The president of Bank of America’s sector dealing with mortgage, home equity and insurance, Barbara Desoer, has promised to talk with the representatives of CCISCO on 12th January 2010.
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