Wall Street Trader Helps Fight Problem of Foreclosed Homes
April 16th, 2009 by 
Joseph Smith
It was just an idea that arose in a conversation among Wall Street traders in a downtown Manhattan bar, but the idea took root and now a foreclosure counseling and loan modification workshop will be held in April at West Side’s Yerwood Center to help homeowners in Stamford prevent their homes from becoming foreclosed homes.
One of the Wall Street traders in the Manhattan bar is 38-year-old Goldman Sachs trader Christopher Meek. When he first brought up the idea, his friends were doubtful. They did not believe banks would care or have time to cooperate with him.
But those friends are now the same people helping him in his efforts. They now have to give the one cup of coffee that they bet on whether Meek could do what he planned, and perhaps buy him more cups as the project grows.
What Meek did was a persistent campaign of emailing, letter writing and cold-calling lenders and community organizations involved in stopping the rising number of foreclosure homes for sale. At the counseling event in April, loan officers from five mortgage lenders will participate, namely People’s United Bank, Freedom Mortgage, HSBC, New Alliance Bank and Webster Bank.
Foreclosure prevention counselors from the Urban League of Southern Connecticut, the Connecticut Housing Finance Authority and the Housing Development Fund will be joining to counsel homeowners who fear their houses would become foreclosed homes.
Meek said he would be very happy if he could help only one family, but based on estimates of modifications that the loan officers could complete in the three-hour session, his project could help up to 72 homeowners.
Joan Carty, head of the Housing Development Fund, said the rise in foreclosed homes has caught the attention of many financial professionals who want to help. She said she is excited that someone experienced in the financial markets like Meek is volunteering his time and effort in helping solve the problem of foreclosed homes.
The Yerwood Center’s executive director Eugene Campbell also said Meek is in a position where he can make contacts with companies and people difficult to connect with.
Scott Duffy, one of the Wall Street traders present the night Meek thought of the plan, said he and the others were astounded by how much Meek has done to pursue his dream project of helping reduce the number of Connecticut foreclosures.
On the whole, Meek said the experience has opened his eyes to many things. He said he is glad he has met people whose daily lives were focused on helping other people. He believes the devastatingly large numbers of foreclosed homes has made people kinder.
