Protesters enter Bear Stearns building in New York
NEW YORK (Reuters) - About 60 protesters opposed to the U.S. Federal Reserve's help in bailing out Bear Stearns BSC.N entered the lobby of the investment bank's Manhattan headquarters on Wednesday, demanding assistance for struggling homeowners.
Demonstrators organized by the Neighbourhood Assistance Corporation of America chanted "Help Main Street, not Wall Street" and entered the lobby without an invitation for around half an hour before being escorted out by police.
"There are no provisions for homeowners in this deal. There are people out there struggling who need help," said Detria Austin, an organizer at NACA, an advocacy group for home ownership.
Bear Stearns employees were amused and perplexed, some taking pictures. One man in the lobby applauded.
"Homeowners, that's more than $1 trillion (498 billion pounds) (in mortgage debt), you're crazy," another man in a suit screamed at a protester on the street.
The protesters blamed Bear Stearns and JPMorgan Chase & CoCo (JPM.N) employees for helping fuel the mortgage crisis.
Demand for mortgage debt from investment banks including Bear Stearns encouraged lenders to drop standards to create new loans. Some lenders resorted to scams and fraud to initiate loans.
The banks repackaged and resold the debt to investors. Continued...
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