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Dear MoveOn member,
Imagine seeing the bank bulldoze your home, or let it stand empty and vandalized, when you could have easily kept paying a mortgage based on your home's real value. Or being rejected for a mortgage adjustment, only to see the bank turn around and sell your home to a stranger for thousands less than you had offered them.
Why do these kinds of stories continue to play out across the country? Because Ed DeMarco, acting head of the Federal Housing Finance Authority, won't let major mortgage holders Fannie Mae and Freddie Mac allow homeowners to bring their mortgages in line with real-world home values.1
President Obama has the ability right now to insist that Fannie and Freddie allow homeowners to adjust their mortgages, and to replace DeMarco or anyone who stands in the way. And although economists, members of Congress, and thousands of people like you have asked the president to act, he hasn't responded yet.2
That's why our allies at Rebuild The Dream have started a petition on the White House's own site, asking the president to push Fannie and Freddie to throw homeowners a lifeline by allowing them to adjust mortgages to real home values. If we can get just 4,000 more signatures by Sunday, the petition will cross the 25,000 mark—and it's President Obama's policy to respond to anything that meets that threshold. Can you add your name and demand real help for homeowners?
We know these petitions work. President Obama released several measures to help address student loan debt in response to a petition started on the White House site by a MoveOn member. And with DeMarco facing pressure to change his policy, it could only take one more push to get real help for millions of homeowners.3
The petition needs to get 4,000 more signatures quickly in order to get a response from the president. Can you help reach that goal before time runs out?
It isn't just homeowners with underwater mortgages who win if Fannie and Freddie adjust mortgages to fair home values. It would reduce foreclosures, help maintain property values for all homeowners, and save taxpayers $28 billion.4 And new studies released by Fannie and Freddie themselves confirm it.5
The housing crisis has left neighborhoods devastated, and millions have lost their homes. And with 12 million homes still at risk for foreclosure, the country needs policies that work, and that means allowing homeowners to bring their mortgages in line with real-world home values.6
Homeowners and progressive organizations across the country have been fighting to save homes with rallies, home occupations, phone calls, and more.7 Getting Fannie and Freddie to give homeowners a real lifeline is the next step, and it could help millions.
Can you join members of MoveOn, Rebuild the Dream, and other progressive groups who have already called on President Obama to give homeowners real help by pushing Fannie and Freddie to let homeowners bring mortgages in line with real home values?
Thanks for all you do.
–Elena, Stefanie, Amy, Milan, and the rest of the team
Sources:
1. "Edward DeMarco: The Ideologue Who's Holding Homeowners—and the Economy—Hostage," The Huffington Post, February 14, 2012
http://www.moveon.org/r?r=271260&id=39797-10220574-V94cXWx&t=5
2. "Co-Chairs Grijalva, Ellison Call for Justice for Underwater Mortgage Holders," Congressional Progressive Caucus, February 29, 2012
http://www.moveon.org/r?r=272740&id=39797-10220574-V94cXWx&t=6
"Rep. Frank joins calls for top Fannie, Freddie regulator to be replaced," The Hill, March 11, 2012
http://www.moveon.org/r?r=272666&id=39797-10220574-V94cXWx&t=7
"Kamala Harris To Fannie Mae And Freddie Mac: Halt Foreclosures In California," The Huffington Post, February 27, 2012
http://www.moveon.org/r?r=271807&id=39797-10220574-V94cXWx&t=8
3. "Mortgage Write-Downs Get New Push," The Wall Street Journal, March 30, 2012
http://www.moveon.org/r?r=273785&id=39797-10220574-V94cXWx&t=9
4. "Edward DeMarco: The Ideologue Who's Holding Homeowners—and the Economy—Hostage," The Huffington Post, February 14, 2012
http://www.moveon.org/r?r=271260&id=39797-10220574-V94cXWx&t=10
5. "Fannie and Freddie: Slashing Mortgages Is Good Business," ProPublica, March 23, 2012
http://www.moveon.org/r?r=273784&id=39797-10220574-V94cXWx&t=11
6. "Co-Chairs Grijalva, Ellison Call for Justice for Underwater Mortgage Holders," Congressional Progressive Caucus, February 29, 2012
http://www.moveon.org/r?r=272740&id=39797-10220574-V94cXWx&t=12
7. "Occupy Atlanta: Fighting to stop an eviction in DeKalb," Occupy Our Homes, March 23, 2012 http://www.moveon.org/r?r=273786&id=39797-10220574-V94cXWx&t=13
"Victory keeps project moving to save homes," Superior Telegram, March 30, 2012
http://www.superiortelegram.com/event/article/id/64665/
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