IN THE NEWS

Second dose of home loan aid

May 29, 2009; As originally appeared in The Advocate

STAMFORD -- Since launching an April initiative that helped more than 40 homeowners avoid foreclosure, Christopher Meek has received acclaim and even a little bit of notoriety.

The Goldman Sachs trader, who lives in Stamford, last month grabbed the attention of nonprofit organizations, news outlets, and a Wall Street blog which put a sarcastic spin on his philanthropic efforts.

"Goldman Sachs trader to the rescue!" read the headline on the blog Dealbreaker.

The latter was a little upsetting, Meek said, but he chalked it up to "free country and freedom of speech."

Not that it mattered much anyway. Over the past month, Meek has widened his net of supporters, established deeper relationships with the community and even started his own nonprofit.

This Saturday, his organization START Now! will hold a second foreclosure counseling and loan modification event at the Yerwood Center from 12 to 4 p.m.

In Stamford, a total of 116 foreclosure filings took place last year, more than three times the number in 2007, according to data collected by the city's Community Development Office.

After the April 18 event, 41 homeowners managed to lower their monthly mortgage payments by an average of $440, he said.

It was a startling achievement in light of the fact that federal and state foreclosure intervention programs have struggled to entice banks to help struggling borrowers.

Meek's idea, which began as an intellectual exercise and snowballed into a bet from friends, was simply to get "Joe Lender" talking to "Joe Borrower."

The trick was in getting banks on board, which took a well-crafted letter writing, email and phone campaign. He eventually enlisted the participation of five banks -HSBC, People's United Bank, New Alliance Bank, Webster Bank and Freedom Mortgage Bank.

A Stamford mother of five who did not want her name used said that HSBC helped her lower her mortgage payment by as much as $1,200.

She and her husband had been in default since November. They learned about the event through a flier.

"He put us in contact with people who were decision makers," she said about Meek.

For Saturday's event, two major banks were added - JPMorgan Chase and Bank of America -in part through the help of the Housing Development Fund, a non-profit lending agency that runs a foreclosure intervention program.

After seeing what Meek accomplished at the first event, Joan Carty, the organization's president, contacted him.

"We were really impressed with what he was able to pull together," Carty said. "We asked him, 'What can we do to help?' "

The two have since decided to partner in an effort to hold a series of events every four to six weeks across Fairfield County.

HDF will help borrowers prepare the financial paperwork they need before meeting with banks at the events.

Meek said he has already set his sights on other projects ranging from work force development to preschool education.

He also is being considered for the Yerwood Center's board of directors.

"I've got a lot less lime on my hands," he said, but quick1y added, "It's opened me up to a whole different world."