Squashed

A blog of politics, law, religion, and the tricky spots where they collide.

Questions? Contact.

Let’s crash another switchboard together

This one is important. I’d like to spread the word on this particular issue as widely and as quickly as possible. Reblogs are hugely appreciated. This is something where we can change something with a bit of advocacy.

The Short Version

As a U.S. citizen you are now a majority shareholder of Freddie Mac. Congratulations. Freddie Mac is one of a number of entities that bears substantial blame for both the recession and the foreclosure crisis. This crisis has caused a lot of blighted, empty houses in some extremely vulnerable neighborhoods. In many cases, the only person who wants to live in that house is the former owner. Because the house isn’t worth a whole lot, people with modest income can afford to buy back the house, provided somebody is willing to provide financing.

This is the situation with the DeCaro family, who live in their post-foreclosure home after Bank of America retracted its loan modification offer because it kept losing documents and started rejecting their mortgage payments. They recieved financing through a great non-profit called Boston Community Capital to purchase the home for more than its current value. Freddie Mac, by policy, won’t sell. So Boston Community Capital says, “Sell us the home instead.” Freddie Mac says, “No. We will only sell you the property on the condition that you agree to evict the DeCaro family.” Freddie Mac has agreed to a price—but is refusing to sell except on the condition that BCC evict the DeCaros.

In other words, Freddie Mac wants you, the tax payer, to take a financial loss so it can make the DeCaro family suffer. The DeCaro family isn’t the only victim of this state-sponsored sadism. This is Freddie Mac’s policy. Considering that Freddie Mac is in recievership after accepting a massive government bailout, Freddie Mac is in no position to lecture anybody about moral hazard on debt. Even Fannie Mae and the megabanks have rejected this policy.

What you can do

Please call Freddie Mac’s PR director Brad German at (703)903-2437. You will likely have to leave a message.

Say something like this:

My name is ___. As a U.S. taxpayer I am a majority shareholder of Freddie Mac.

I am calling to ask Freddie Mac to reconsider its sadistic “must evict” policy. Freddie Mac has taken the position that it will not sell the residence of John and Linda DeCaro at 152 Lucerne Rd in Springfield, MA to Boston Community Capital, if BCC agrees to evict the family, is a ridiculous position.

I am calling to demand that you accept BCC’s offer without conditions and institute a new policy permitting families who can afford it to buy back their homes at market value after foreclosure. This will protect both my financial interest as a tax payer and ensure that my tax dollars are not supporting such abhorrent policies.

Contact information for Freddie Mac’s other offices is here.

Second, it might help to contact your U.S. Senator or Representatative to let them know that you are extremely concerned about Freddie Mac’s cavalier attitude toward blighted neighborhoods, suffering families, and tax payer interests.

Third, help spread the word on this one. This is a ridiculous and harmful policy—and if people know what Freddie is doing with taxpayer money, the policy will change. I know the Tumblr community can do wonders with this sort of thing. Getting policies like this removed can create the sort of tangible and systemic change that turns around lives and communities.

Update: I just received a call from Freddie Mac. If you’re willing to help out again, could you send an email to ConsumerHelp@fhfa.gov. Perhaps something like this:

My name is ___. As a U.S. taxpayer I am a majority shareholder of Freddie Mac.

I am calling to ask Freddie Mac to reconsider its sadistic “must evict” policy. Freddie Mac has taken the position that it will not sell the residence of John and Linda DeCaro at 152 Lucerne Rd in Springfield, MA to Boston Community Capital, if BCC agrees to evict the family, is a ridiculous position. BCC and Freddie have agreed on a price for a shortsale—and the only limiting factor is Freddie’s insistence that BCC promise to evict the DeCaro’s after the sale.

I am calling to ask you to require Freddie Mac to jettison this policy in favor of a policy that protects my interests as a taxpayer by accepting the highest offer, regardless of who it comes from. I also ask that you encourage Freddie Mac to explore policies to promote neighborhood stability by keeping residents in their homes whenever it is financially feasible.

Additionally, for those comfortable with phone calls, you can reach the FHFA consumer office at (202)649.3811. We can make this happen!

Update 2: FHFA returned my phone call. Color me even more surprised. Yes, I write these things … but I usually assume I’m hollering into the void to help me feel a bit better about living next to said void. I don’t expect people to actually pay attention. You’re all wonderful. Anyway, it appears that email is probably the best way to contact FHFA about the policy. I wrote a much longer email about this because this is one of the things I know a lot about. I suspect short emails indicating that you too care about this could have a big impact.

  1. randallorrandy reblogged this from str8nochaser
  2. swagandpassion reblogged this from str8nochaser
  3. str8nochaser reblogged this from disrespectfuljezebel
  4. disrespectfuljezebel reblogged this from reagan-was-a-horrible-president
  5. nofrigatelikeabook reblogged this from bittergrapes
  6. revenantirreverence reblogged this from reagan-was-a-horrible-president
  7. welcometocollinwood reblogged this from reagan-was-a-horrible-president
  8. lizziegoneastray reblogged this from reagan-was-a-horrible-president
  9. readinglist32 reblogged this from anticapitalist
  10. nohetero reblogged this from reagan-was-a-horrible-president
  11. crimelapse reblogged this from reagan-was-a-horrible-president
  12. apoplexyandsexy reblogged this from anticapitalist
  13. bittergrapes reblogged this from reagan-was-a-horrible-president
  14. embarrassingusername reblogged this from anticapitalist
  15. lord-kitschener reblogged this from reagan-was-a-horrible-president
  16. reagan-was-a-horrible-president reblogged this from sarahlee310
  17. moakmatulak reblogged this from cultureofresistance
  18. theriverwanders reblogged this from sarahlee310
  19. sarahlee310 reblogged this from squashed
  20. lelu-amante reblogged this from squashed
  21. sinshine reblogged this from transqueersxxx-admin
  22. xmasandribena reblogged this from punwitch
  23. uhouse reblogged this from so-treu
  24. resmc reblogged this from punwitch
  25. youthisastateofmind reblogged this from squashed and added:
    Signal boost. Also, reminder to self to read up on this.
  26. silas216 reblogged this from squashed
  27. do-over reblogged this from doublejack and added:
    I’m no US citizen, but this needs a signal boost.
  28. winneganfake reblogged this from chattyjeliza
  29. chattyjeliza reblogged this from thecurvature