300 March in NYC Against Fannie & Freddie

Posted on September 15, 2012

City Life joined 300 demonstrators, including 50 students from the 7th and 8th grade class of Boston’s Smith Charter School Academy, in a demonstration in New York City on September 12th. Protesters gathered in Bryant Park and marched to the Fannie & Freddie headquarters as part of a national effort organized by the Right to the City Alliance. The “Fannie Freddie 99”—a group of 99 homeowners from across the country—traveled to Chicago, Atlanta, LA and New York, to demand that Fannie & Freddie grant principal reduction on underwater mortgages, as well as allow foreclosed homeowners to stay in their homes, as renters or as buyers after principal reduction.

Protesters carried mops and buckets to suggest that Fannie & Freddie need to clean house, asking President Obama to use his power of recess appointment to get rid of the acting director of the Federal Housing Finance Agency, Ed DeMarco.

Other demans included:

  • Fannie & Freddie put an end to all no-fault, post-foreclosure evictions
  • Fannie & Freddie sell back to residents or a non-profit after foreclosure at real value
  • Fannie & Freddie don’t sell to hedge funds or other investors who caused the problem in the first place, but instead turn over properties to community control, or sell back at current market value to occupants

AlJazeera English interviewed member Yoland Nova and City Life organizers ahead of the protest in NYC, and stories from City Life members as well as other homeowners taking part in the Fannie Freddie 99 can be found on the Fannie Freddie 99 website.