On May 31, over 150 community leaders from PICO affiliate Contra Costa Interfaith Supporting Community Organization (CCISCO) in Antioch, CA packed the parish hall at Holy Rosary Church to share with a representative from Washington Mutual the difficulties they are facing in working with the bank to modify their mortgages.

According to the California Reinvestment Coalition, as little as one percent of adjustable rate subprime mortgages have been modified.  A recent survey of over 100 households in Antioch confirmed these findings, and found residents paying nearly 75 percent of their income on housing. Homeowners who have dutifully paid their mortgages for years, but who are now facing difficulties covering their payments due to higher interest rates, have been unable to arrange face-to-face meetings with banks despite numerous attempts.

CCISCO is calling on lenders to:
1)  Provide staff that can meet face-to-face with borrowers in our community;
2)  Lower interest rates;
3)  Convert adjustable rate loans to fixed rate loans for the long term;
4)  Allow borrowers to refinance based on the market value of the home; and
5)  Reduce the amount of money owed in order to stabilize families.

Washington Mutual mortgage lending specialist Sondra Edwards agreed to all of the group's proposals except for refinancing based on the market value of the home.  However, she did commit to taking the request to her superiors. 

"At Washington Mutual, we are committed to doing everything we can to keep families in their homes," she stated at the meeting.  Washington Mutual is working with CCISCO to host a community-based loan modification session which will have HUD-certified housing counselors present to help families negotiate the terms of their loan modification.

On June 3, CCISCO leaders are going to present their proposals at the Antioch City Council meeting in order to get the City Council's formal endorsement and support for the plan.

For more information on Contra Costa Interfaith Supporting Community Organization, visit www.ccisco.org

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