The protest was organized by a Contra Costa County interfaith group that wants the banks to convert customers’ risky, adjustable-rate mortgages into 30-year, fixed-rate mortgages to help prevent foreclosures. A Wachovia spokeswoman says the bank About two dozen people protested outside the Antioch branches of Countrywide, Wachovia and Washington Mutual on Friday. Some East Bay residents are calling on three national banks to renegotiate their mortgages to help them avoid losing their homes. Moreover, asking your lender whether a rate if fixed or adjustable is important when you're on the look out for the best mortgage rate. Remember that adjustable rates, despite their low interest rates, might not have the best mortgage rates. Adjustable rate mortgages only have low interest rates in their first year, after which, rates either tend to go up or go down.
