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CIOP saves local homes
03/27/2008 21:02:52
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| Carol Thomas holds gifts she received during her house blessing Thursday. |
By Colleen Reynolds
The Central Illinois Organizing Project is touting a success story, a 69-year-old Bloomington woman who'll get to keep her westside house, despite facing foreclosure because of a predatory loan.
Carol Thomas fought back tears as she stood in her living room today and said she was "taken" by an unscrupulous lender who offered an adjustable rate mortgage she couldn't afford.
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:13 OC:"... WORRY ANYMORE"
That's because CIOP helped negotiate a new, fixed-rate loan and now her payments are half the 900-dollars a month they used to be.
Reverend Eugene Barnes wants legislation that would permanently freeze subprime loans at the lower, teaser rates and that would require lenders to modify loans not to exceed 28 percent of a borrower's gross income.
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