Right to the City

Consumers say mortgage giants Fannie Mae and Freddie Mac not doing enough to help homeowners. It has been four years since the US government spent $188bn to bail out two giant mortgage companies known as Fannie Mae and Freddie Mac. Despite the government bailout, consumers are complaining the mortgage firms are still not doing enough to help homeowners. In one suburb of Boston, the community is littered with abandoned houses that Freddie Mac and Fannie Mae have been unable to help. Al Jazeera’s Kristen Saloomey reports from Dorchester, Massachusetts. Watch the video here

Published in the Paramus Post By Mel Fabrikant Hundreds Demand Action from Obama on Foreclosure Crisis in LA, NY, DC, ATL, CHI; Growing Movement of Foreclosure Casualties Demand Answers **Personal stories available on wearethefanniefreddie99.tumblr.org. Families affected by foreclosure are available for interviews. To schedule, contact Molly at This email address is being protected from spambots. You need JavaScript enabled to view it. ** Thousands of families will join protests across five cities this week to demand that President Obama take immediate steps to reform Fannie Mae and Freddie Mac, the taxpayer-owned mortgage giants responsible for more foreclosures and evictions than any other bank. Protests in Los Angeles, Chicago, New York, Atlanta, and Washington, DC will all be led by families affected by the housing crisis and wave of foreclosures. Partners include Right to the City Alliance, Home Defenders League, Occupy Our Homes, Alliance for a Just Society, and many more. For a full list of events and partners, see: http://righttothecity.org/index.php/take-action#campaign1 “We are here to defend people's homes and their right to the city. We will not stand for the financialization of our neighborhoods. We will not stand for displacement. We will not stand for evictions. Families are fed up and exhausted by the seemingly endless wave of foreclosures. They want answers, and they want…

Troubled borrowers whose loans are owned or guaranteed by the mortgage giants will now be able to participate in Keep Your Home California and other states' programs that shrink mortgages. Participation by Freddie Mac and Fannie Mae could significantly help officials spend the money available for the Keep Your Home California program. (Associated Press) Published in the LA Times By Alejandro Lazo September 13, 2012 In a rare victory for proponents of principal reduction, Fannie Mae and Freddie Mac said they will immediately allow their borrowers to participate in Keep Your Home California and other states' Hardest Hit Fund programs that shrink the mortgages of troubled borrowers using taxpayer funds. California officials made a significant change to the program last year, dropping a requirement that banks match taxpayer funds when homeowners receive mortgage reductions through the program. That means Fannie and Freddie will not have to incur further losses on their loans. The two mortgage giants have now released guidance to the mortgage companies that work with them, signaling they would allow Fannie and Freddie borrowers to get relief through the program. Only a small number of California homeowners — 8,500 to 9,000 — would be able to get mortgage…