There was an anti-foreclosure demonstration by a group comprising of about 40 persons. They marched through East Liberty on Friday morning going past five blocks. They were hoping to draw attention to the foreclosure menace that is evicting people out of the houses that are their homes.

The Allegheny County branch of ACORN or the Association of Community Organizations for Reform Now organized the protest. They focused on the instance of a local family to highlight the foreclosure situation that is spelling tragedy to many like this one.

The protestors made themselves distinctive with T-shirts and signs as they marched from ACORN headquarters on Penn Avenue to the branch of National City Bank situated on North Highland Avenue. For about 10 minutes they successfully stalled business with their whistling and chanting. They shouted ‘Criminal offenders! Predatory lenders!” When the law arrived the demonstrators dispersed without trouble. The police arrested none.

Jennifer England of ACORN said that National City Bank is being blamed for steel worker Shawn Abbott having to lose his house in Ambridge because he cannot meet up with the increased mortgage payments. He had contracted the loan three years previously. It was sub-prime ARM. Shawn had been warned that the interest would increase but also told there was the possibility that it might decrease. In any case the borrower was under the impression that that the change would be minimal in terms of percentage count. The original loan was made with First Franklin Bank that at that time had owned National City. Initially the Abbotts had to pay $340 each month. In three years time the installment shot up to $1,200 per month – exclusive of taxes and charges. Shawn’s monthly income is roughly $2,000.

England argued that since National City at that time owned First Franklin they have a moral obligation to help the troubled borrowers. The aim should be to see that they are awarded fair loans and are not compelled to walk out of their houses.

The bank was reluctant to comment on the demonstration. Although in concrete terms the protest did not produce any results England termed it a success because it spread public awareness about the injustice going on. It is not just one family but many families are going through this trauma. She reiterated, “These are working people”. It is the bank that has put them in this slippery condition by behaving without any ethics.

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