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Nonprofit protests at lenders' homes

Neighborhood Assistance Corp. of America members outside the home of Greenwich Financial's William Frey on Sunday. Neighborhood Assistance Corp. of America members outside the home of Greenwich Financial's William Frey on Sunday. (Danielle Robinson/ The Hour via Associated Press)
Associated Press / February 10, 2009
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NEW HAVEN - A nonprofit housing advocacy group said yesterday it will protest at the homes of those it calls "financial predators" - investors and banking executives it says are balking at helping struggling homeowners refinance their mortgages.

Neighborhood Assistance Corp. of America demonstrated Sunday at the Greenwich, Conn., home of William Frey, chief executive of Greenwich Financial Services, and the Rye, N.Y., home of John Mack, chief executive of Morgan Stanley.

Hundreds of demonstrators wore bright yellow shirts and carried signs that read, "Fix our loans, save our homes." There were no arrests.

Bruce Marks, the chief executive of the Boston group, said the organization is setting up a "financial predators registry" of uncooperative executives.

Frey and Mack have opposed loan modifications designed to help homeowners avoid foreclosure by reducing their interest rates and, in some cases, the principal balance on loans, Marks said.

Morgan Stanley said its mortgage servicing business "actively collaborates" with NACA to structure solutions for qualified borrowers so they can remain in their homes. A proposed agreement by NACA was delivered Saturday afternoon. "We are reviewing it now and expect to come to mutually agreeable terms," Morgan Stanley said in a statement.

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