Sun Sep 9, 2012, 10:24 PM
midnight (24,519 posts)
Tomorrow in Atlanta: The People vs. Fannie Mae & Freddie Mac. Homes Are For People, Not Banks!
Source: Occupy Wall Street
On September 10, 2012, HUNDREDS of people from all over the southeast will converge on Fannie Mae's regional headquarters in Atlanta to demand an end to their abusive practices and to declare housing as a human right.
BUSES ARE SET TO COME IN FROM CHATTANOOGA, MIAMI, CHARLOTTE, AND ORLANDO.
Fannie Mae and Freddie Mac control over 60% of the mortgages in the US. After gambling with people's money, and buying up subprime mortgages during the housing bubble, they were placed under conservatorship of the US government in 2008, receiving billions of taxpayers dollars. Now, 4 years later, they continue to put people out of their homes, and are the biggest obstacle to fixing the housing crisis. Edward DeMarco, who currently oversees both Fannie and Freddie through the FHFA, refuses to offer principle reduction to help over 16 million underwater homeowners find relief and stay in their homes. They are more cruel than even the big banks when it comes to evictions, and post foreclosure options, and to top it all off, have begun selling off foreclosed properties in bulk to the same investors and hedge-funds that crashed the economy in the first place.
Its time to put a stop to this, and to demand the wealth that was stolen from our communities be restored. Thousands of people are fed up are ready to fight back, and are coordinating actions across the country against Fannie Mae and Freddie Mac to occur in the same week.
Read more: http://occupywallst.org/article/tomorrow-atlanta-people-vs-fannie-mae-freddie-mac-/
The demands are demands that strengthen our families and communities by providing homes for the homeless and keeping families in homes via fixing mortgage loans that don't reflect the current price...
6 replies, 1846 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Tomorrow in Atlanta: The People vs. Fannie Mae & Freddie Mac. Homes Are For People, Not Banks! (Original post)
Response to qwlauren35 (Reply #3)
Mon Sep 10, 2012, 01:35 AM
midnight (24,519 posts)
4. More inappropriate than the wording is predatory lending.
Some people believe this problem is because people bought homes they could not afford? But that is just as inappropriate too...
We all deserve the fundamental rights of a roof of our own, no matter how humble. But shelter living is not that.
Response to midnight (Original post)
Mon Sep 10, 2012, 06:12 AM
oldsarge54 (582 posts)
5. What did Freddie and Fannie Do?
I'm missing something here. Help me out. Freddie and Fannie were not making the sub-prime or predatory loans. If I understand correctly, wasn't the function of these two entities was to provide protection to loans? I always thought is was the unregulated mortgage broker industry who encourage peopled to "adjust" their reported incomes to get the loans through. The other side of the problem was that people were buying houses on the regular non-sub prime market as investments, not as home, and their investment advisor's were encouraging this speculative buying, thus creating the bubble. I have only heard the right complaining about Freddie and Fannie previously. Clue me in, please.