To: Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac: Stop selling troubled mortgages to Wall Street Speculators

Fannie Mae and Freddie Mac: Stop selling troubled mortgages to Wall Street Speculators

Stop selling off pools of delinquent mortgages to Wall Street speculators. These delinquent loans represent housing in our neighborhoods, and too many working families are being pushed out of their homes and their communities. Instead, sell these troubled mortgages to one of the large non-profit financial institutions that are modifying mortgages with principal reduction and creating affordable housing.

Why is this important?

Wall Street speculators are buying up neighborhoods across New York and the United States.[1] Their goal? Make a profit off of struggling homeowners.

Fannie Mae and Freddie Mac (which are overseen by the Federal Housing Finance Agency, or FHFA) have refused to offer principal reduction to struggling homeowners, and yet they turn around and sell troubled mortgages to Wall Street speculators at a deep discount.
These speculators then turn the properties into rentals, often bundling them into securities for investors, like they did with mortgages. This drives up rents and contributes to the growing displacement of poor and working families – particularly African Americans and Latinos. [2]
This is absolutely outrageous.

Join me in telling Fannie Mae and Freddie Mac to stop selling these troubled mortgages to Wall Street speculators.

Hedge funds and private equity firms have quietly amassed mortgage notes to 200,000 homes in communities around the country. We cannot let this continue to happen.

You have an opportunity to add your voice to those of thousands of homeowners. We will be delivering the petition signatures on Wednesday, Sept. 30th with a strong message that our homes are NOT for sale.

Our government agencies are supposed to work for American families – not for the biggest financial institutions. They should be doing more to work with non-profits to help families stay in their homes.

We’ve lost too many homes to foreclosure. Too many families are being pushed out of their homes and their communities. We need Fannie Mae, Freddie Mac and HUD to establish a system that gives priority in the sales process to purchasers with strong neighborhood stabilization programs.

[1] Mark Kurlyandchik, "Feds accused of selling out neighborhoods to Wall St. firms," Al Jazeera America, September 9, 2014.
http://america.aljazeera.com/watch/shows/fault-lines/FaultLinesBlog/2014/9/9/feds-accused-of-sellingoutneighborhoodstowallst.html

[2] Jared Bennett, "The Government Is Selling Thousands of Homes to Hedge Funds Without Their Owners' Knowledge", The Atlantic, September, 23rd 2015:
http://www.theatlantic.com/business/archive/2015/09/the-government-is-selling-thousands-of-homes-to-hedge-funds-without-their-owners-knowledge/406771/

Updates

2015-09-29 10:08:30 -0700

1,000 signatures reached

2015-09-29 09:23:58 -0700

500 signatures reached

2015-09-29 09:07:39 -0700

100 signatures reached

2015-09-29 09:06:09 -0700

50 signatures reached

2015-09-29 09:05:21 -0700

25 signatures reached

2015-09-29 09:04:34 -0700

10 signatures reached