Tomorrow in Atlanta: The People vs. Fannie Mae & Freddie Mac. Homes Are For People, Not Banks!
Posted 12 years ago on Sept. 9, 2012, 7:09 p.m. EST by OccupyWallSt
Tags:
fannie & freddie,
occupy our homes,
atlanta,
foreclosure defense
Where: Meet at the Buckhead MARTA Station in Atlanta, Georgia
When: Tomorrow at 10:30am
RSVP on Facebook
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.
Our demands include:
- Principal Reduction for all underwater homeowners to real market value
- an end to Fannie and Freddie Evictions, and the right to rent after foreclosure
- the sale of foreclosed properties to occupants and non-profits at the same discounted rate they are offering to shady investors
- that they turn over vacant and abandoned properties to community controlled entities to provide long term affordable housing
Click here to read the stories of people fighting back: http://wearethefanniefreddie99.tumblr.com
Strike! Strike! Strike! Shut It Down To Turn The Nation Around!
National Employment Law Project Report: The Low-Wage Recovery and Growing Inequality http://www.nelp.org/
Tweeted.
Tweeted.
Someone recently made a comment that Occupy has no demands - Umm and I said they were wrong in making that claim. Affinity Groups do have demands.
So look again people these seem like demands to me and good ones at that:
Our demands include:
Here are some youtube links that are appropriate to this topiic: http://www.youtube.com/watch?v=PTQ1WOC9RgY Why Don't They Care About That?
http://www.youtube.com/watch?v=2R_jT015UdU&feature=channel&list=UL Save This Earth
Stop criminal banks foreclosure activity.
Update.?
http://www.rollingstone.com/politics/blogs/taibblog/another-hidden-bailout-helping-wall-street-collect-your-rent-20120319
Fannie Mae has been issued the ok by Congress to sell foreclosed properties in discount bulk to private investors who are now allowed to rent them and get first look bids - not only is this is incentive for banks to foreclose quicker, tax payers contribute to Fannie Mae so that people can have a chance at low cost home ownership instead of always being outbid by investors who swoop in and want to rent them out. This is causing landlords and investors to dominate the market and actually decrease home ownership and creating housing scarcity and high rent crisis.
http://blogs.wsj.com/developments/2012/02/27/fannie-mae-begins-marketing-foreclosed-homes-as-rentals/
Why are the taxpayers paying to give homes to private investors at cost?
On top of this taxpayers paying taxes to Fannie Mae, the rules of qualifying are kept in a privately held contract between banks and Fannie Mae and are different depending on the contract made with each individual bank. Neither will issue the terms of the contract. Some banks are not offering the low down payment and are still trying to sneak in PMI depending on their specific qualifications. I bought a home under Fannie Mae and was told I needed to come up with 15 percent down - I still have to adhere to all of the rules of Fannie Mae (can't sell for over 5 years etc.) despite for all intents and purposes I had a regular bank loan. When I went to close they snuck PMI into the loan contracts and tried to get me to sign them (which I had to have removed). Fannie Mae is helping investors and the average citizens are paying for it this is clear. It is also nearly impossible to get FHA homes approved to purchase there is a 20 page checklist on things that must not be allowed in the home. It is clear the homes are only meant to be sold as developer specials aka corps and realty trust companies- once the FHA citizen buyer is denied. Fannie and FHA are a tax payer scam.
Great documentary on real estate scarcity caused by wall street, banks, and our government and even some solutions. Real Estate for Ransom.
http://www.youtube.com/watch?v=XL3n59wC8kk
WS "Hey renter - remember that tax money the government took? well they gave it all to this private corporation who is going to sell me all kinds of foreclosed properties real cheap with it - I'm going to rent it out for double what your mortgage could have been if you could have only outbid me... sucker! yeah too bad the government took all your money maybe you would have stood a shot"
WS: "Hey ex homeowner would have been nice if you could have kept some of your tax money so you could afford your mortgage - instead the government gave it to this private corporation so they could charge you too much and then sell it to me at a real cheap discount because I can buy in bulk and you just work for your money instead of making capital gains real estate investments...dummy - too bad they won't use that money to renegotiate to an real market rate (one not inflated by wallstreet) I might let you rent it though at double your mortgage. - sucker"
This is just compensation to the victims of this inhumanity foisted on the world by the elite. Stop it from ever happening again. In the US, repeal the Federal Reserve Act and restore commodity money.
And who promotes Fannie and Freddie?
The Government and the Federal Reserve
http://www.gao.gov/new.items/d11696.pdf