Housing Activists Protest At Bear Stearns

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Over 200 protesters from a housing advocacy group made it inside Bear Stearns corporate offices at 47th and Park Avenue. The protest was organized by the Neighborhood Assistance Corporation of America, which was founded by union activists. (They were the ones in the yellow shirts.) After being ejected from Bear’s lobby, they headed over to JP Morgan Chase. And, a few moments ago, they seem to have wandered off to do whatever it is demonstrators do after a demonstration. (We're guessing: wait in TKTKS line for Xanadu tickets.)
The protesters object to the Fed-led rescue of Bear Stearns by JPMorgan Chase and demand what they call “real solutions” to mortgage difficulties faced by homeowners. They advocate the implementation of a homeowners initiative which would stop all the interest rate increases, roll back the interest rate increases to the initial qualified rate, impose a moratorium on all foreclosures and require the mortgage servicers’ to pursue a loan restructure that reduces the interest rate and/or outstanding mortgage to a mortgage payment the homeowner can afford for the remaining term of the loan.
Update: Reuters now has a story on the protest up on its wires and CNBC has video of the protest.

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