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At Gillette, they were tackling foreclosures

01:53 PM EDT on Wednesday, August 13, 2008

By Lynn Arditi
Journal Staff Writer

FOXBORO, Mass.–– Hundreds of homeowners from around New England, some with children in tow, waited in the midday sun outside Gillette Stadium shortly before 1 p.m. yesterday for the chance to meet face-to-face with a representative of their mortgage company in hopes of saving their home from foreclosure.

By 5 p.m., the number of people who had registered for the foreclosure-prevention workshop had climbed into the “thousands,” said Gillette Stadium spokesman Jeff Cournoyer, and organizers had decided to extend the workshop for an additional 1½ hours, until 9:30 p.m.

The free event — organized by the New England Patriots Charitable Foundation and the Federal Reserve Bank of Boston — was similar to others around the country but the first of its size in this region. It was carefully choreographed, with tight security throughout. The news media were prohibited from even speaking with the homeowners, either inside the building or outside in the parking lot. Instead, media access was restricted to a separate room set up for a news conference with public officials and organizers. (As a result of the media restrictions, the number of homeowners in attendance could not be independently verified.)

Shortly before noon yesterday, a buffet luncheon was set up inside the Fidelity Investments Clubhouse East — a sun-filled dining hall with giant glass windows on one side overlooking the stadium and flat-screen televisions mounted above the tables — where the workshop was to be held. (TV and news reporters were offered only a quick look around before being whisked off to a press room downstairs.)

China plates and white linen napkins were laid out, along with covered silver serving trays, the names of the dishes identified by place cards. BBQ Tenderloin Tips. Sausalito Turkey Sandwich. Italian Sausages. Pasta Salad. Garden Salad.

The luncheon was for 80 mortgage specialists from 20 of the nation’s giant banks and mortgage lenders and 50 housing counselors from nonprofit and government agencies.

“It’s so they can spend as much time as they’re here working as possible,” explained Ann Eggleston, the Boston Fed corporate affairs managing editor.

Among the lenders whose “loss mitigation” specialists were expected to attend included Bank of America, Chase Bank, Countrywide, IndyMac Bank and American Home Mortgage (formerly Option One Mortgage Corp.).

“My message to lenders is: be flexible,” Massachusetts Governor Patrick said. “Take this opportunity to work out relationships so people can stay in their homes. … It’s in your best interest.”

New England Patriots’ chairman and chief executive officerRobert Kraft said that he had “never seen economic conditions like we’re seeing right now” and that he hoped that this event would “bring people together” to prevent foreclosures. He is also a director of the Federal Reserve Bank of Boston.

larditi@projo.com

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