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Troubling Times

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As mentioned last week, this past Saturday was the IndyMac sponsored Home Preservation Day - a chance for IndyMac customers struggling to pay their home loans to get help from the bank. The turnout overwhelmed all estimates. "In Van Nuys, about 2,000 homeowners attended a workshop promoted as Home Preservation Day. But this was not about how to lay tile or install plumbing. A bank had mailed notices to homeowners in trouble with their mortgages, and Saturday offered them a chance to rework the terms of their loans. Bankers had hoped 100 would turn out, and planned for 200. Loan counselors had time to meet with a fraction of homeowners and some were turned away." [LA Times]