Fannie Mae / Freddie Mac head Mel Watt is coming to Detroit!
Thursday, Oct. 2,
Please gather at 10:15 a.m.
at the Cass Ave. entrance, Detroit Public Library
Main Branch, just north of Warren Ave. Detroit
Talk starts at 11 a.m.
Please allow plenty of time to find parking.
Called by Detroit Eviction Defense
Program needs big changes to offer real relief
A chance to tell Director Mel Watt how its foreclosures have devastated our neighborhoods
At a town Hall Forum” at the Detroit Public Library, Watt is promoting a very limited “Detroit Initiative” against foreclosures by Fannie Mae and Freddie Mac, the failed mortgage companies taken over by the feds. We need real change to save families from foreclosure and eviction!
While the program starts at 11 a.m., we’re gathering at 10:15 am
Big questions that Watt needs to answer:
- Why are you keeping secret the eligibility criteria and terms of the “My City Modifications” that you now promise Detroit? How can we know whether servicers of Fannie/Freddie mortgages are swindling us again? They’ve already admitted to massive foreclosure fraud– the fox should not be guarding the hen house!
- Why are you offering principal reduction only for low-value homes passed off to the Community Stabilization Trust? All homes lost value as the banks trashed the economy.
- Why does your program only apply to Detroit? Why not other communities devastated by fraud and foreclosure in Michigan & the U.S.?
- Why not halt foreclosures of occupied homes while these issues get sorted out and communities recover?
- Why does Fannie Mae give community non-profits only 3 days to decide on buying back a foreclosed home for resale to the family still in it? Non-profits need time to evaluate these important decisions. What’s the rush?
- Why are non-profits that might buy back the home barred from inspecting it or talking to the family occupying it?
- Why do families struggling to save their homes get no help beyond the 6 month redemption period following the Sheriff’s sale?
For more info, call Detroit Eviction Defense at (313) 429-5009