ESOP – Taking It To The Streets

Mar 9th, 2008 @ 5:37 PM by Alden Smith

I read with glee today about an advocacy group in Cleveland.  Called the East Side Organizing Group, they are raising their own particular brand of hell in that town.  The report was funny, but gives food for thought.

It seems ESOP is climbing aboard a bus, and going around to the three-car home neighborhoods, and seeking out loan companies top execs. There focus lately – and ongoing – has been on Countrywide and its top people.  So, on an icy Saturday morning before people were out of bed, a couple of busloads of the “shark hunters” came rolling up the street.  They debussed, got out their bullhorns, and proceeded to “wake up the neighborhood.”  The object of their excursion this day was Mike Garmone – a regional vice president at Countrywide Financial Corp.  Obviously, Mr. G wouldn’t open the door, so the protesters littered his house and lawn with their trademark – 2 1/2″ plastic sharks. Oh, my!

They have run afoul of the law with their antics, and their rallying cry is being loud and obnoxious.  This group of disgruntled people is taking the town by storm, and no one is safe from their antics, not even Mozilo.  Their favorite tactic is needling people, and they get results.  Mozilo finally relented to speak with them, after a lot of protest.

Are they effective?  They have been around since at least the mid-90′s, and have been instrumental in seeing that around 1,500 people got their mortgages reworked so that they wouldn’t lose their homes.  Most of these were already in foreclosure.

Do I advocate for this group?  Honestly, I really don’t know.  I think what they do is admirable, because they are mad as hell and won’t take any more.  They get results where no other agency or governmental official seems to be able to do so.  But it is a return to vigilantism, and that is probably where they are wrong.  There is a good thing in protest, and “taking it to the streets.”  But this doesn’t bring about the change that is really needed in America today.  So, for the interim, I will laugh up my sleeve and slip them a few bucks to carry on the fight.  I honestly would like to see the government do something along the lines of ESOP.  I welcome comment.