To: Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac: Stop selling out our neighborhoods to Wall Street!
We strongly urge you to 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.
Why is this important?
Wall Street speculators are buying up neighborhoods across America. Their goal? Squeeze a profit out of struggling homeowners.
Private equity firms and Hedge Funds have quietly amassed mortgage notes to 200,000 homes in communities around the USA -- and they're getting special treatment from the government to aid their conquests.
Fannie Mae and Freddie Mac (overseen by the Federal Housing Finance Agency, or FHFA) have refused to offer principal reduction to struggling homeowners, then they turn around and sell these troubled mortgages to Wall Street speculators at a deep discount.
Our government agencies are supposed to work for American families -- not for the biggest financial institutions.
Tell Fannie Mae and Freddie Mac to stop selling these troubled mortgages to Wall Street, and instead sell them to non-profits with a track record of offering loan modifications with principal reduction to help families stay in their homes!