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Local rally to protest federal bailout

September 23, 2008 1:10:57 PM PDT
The group ACORN (Association of Community Organizations for Reform Now) held a small rally outside the Federal Reserve on Grand Avenue in downtown Los Angeles, chanting 'Main Street not Wall Street'.One homeowner in the crowd of 18 said he has an adjustable rate mortgage. His monthly payments were about $3,000 a month but are now over $5,000 a month. He said he doesn't think he will be able to afford to stay in his home and is facing foreclosure. He said he hopes that the bailout bill in Congress will help homeowners, but ACORN is under the impression that only the banks will benefit.

"I am concerned because if this money doesn't end up helping me, in two months I'm going to lose my home," said Anaheim resident Francisco Alcala through a translator.

"I hope Congress does the right thing. I hope that they don't okay it, and I hope they let them sink in their own muck," said Alvivon Hurd from ACORN.

ACORN's chapters in other cities are rallying Tuesday as well. The bil discussed in Congress has not been finalized, so protesters are waiting to see what the final details will be and what kind of help will be available to homeowners.


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