Business > News HitsGoliath cuts a deal
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Two months ago Belva Davis looked at 125 or so neighbors, activists and others outside of her endangered house and said she felt like David against Goliath. Goliath, in this case, was the tag team of Wachovia Bank (which had written her subprime mortgage in 2003) and Ocwen Financial (the mortgage servicer), which was trying to foreclose on her three-bedroom bungalow in Detroit's East English Village. Davis had fallen behind on her payments, but, rather than working out a deal on the arrearage, Davis and her lawyer said, the companies were stonewalling. And the activists, who later took their protest to a local Wachovia branch, said Davis was exactly the kind of homeowner the companies were supposed to be assisting — rather than evicting — under the Obama administration's mortgage modification program.
News Hits got word Monday that Davis and her lawyer Jerry Goldberg had worked out a deal, but that activists' fight against foreclosures continues. "We drew the line against bank abuses that threaten our neighborhood," wrote activist Nancy Brigham in an e-mail.
News Hits is edited by Curt Guyette. Contact him at 313-202-8004 or NewsHits@metrotimes.com.