If We don’t act NOW
Jennifer Britt Will be evicted from her Rosedale Park home by
Fannie Mae & Flagstar Bank anytime after July 4
Taxpayers bailed out Flagstar and the feds took over Fannie Mae in 2008.
They were “too big to fail,” but now they invoke “market discipline” to justify evicting Jennifer Britt’s family
(see the short summary of the case at end of this email).
You Can Help Stop this Travesty 4 Ways:
1) On Sunday, July 8, at 4 pm, meet at Jennifer Britt’s house in Rosedale Park, 15701 Warwick at Midland, just south of Grand River. Help us distribute a flyer and organize support in Jennifer’s neighborhood.
2) Join our noon protest rally Monday, July 9, at the McNamara Federal Building, 477 Michigan Ave., Detroit. We will send a delegation to speak with our Senators.
3) Join the vigil at Jennifer’s house to prevent the eviction of her family, 15701 Warwick at Midland, south of Grand River. For information and times you can help, contact us at DetroitEvictionDefense@gmail.com and go to peoplebeforebanks.org.
4) Call the numbers below and tell taxpayer-owned Fannie Mae to sell the home at its appraised value to Southwest Solutions so Jennifer and her family can stay in their home. Detroit doesn’t need another empty house blighting the neighborhood.
Fannie Mae Chicago Office: (312) 368-6200
Fannie Mae Mortgage Help Center: 866-442-8572
Email: chicago_mhc@fanniemae.com
Ask our political representatives to deliver this same message to Fannie Mae.
Senator Debbie Stabenow: (313) 961-4330
Senator Carl Levin: (313) 226-6020
Congressman John Conyers: (313) 961-5670
Congressman Hansen Clarke: (313) 962-7700
Congressman Gary Peters: (247-273-4227
Congressman John Dingell: 313-278-2936
More on Fannie Mae and Freddie Mac
Fannie Mae, as well as Freddie Mac, were taken over by the U.S. Government in 2008, and are run by the Federal Housing Finance Agency. This means that the taxpayers cover any losses in foreclosures, and the banks lose nothing on the loan. However, rather than utilizing this federal takeover of the housing market to benefit homeowners and renters, the federal government is continuing to bail out the banks, paying the banks full value for the fraudulent and predatory loans which they created, and then throwing millions of homeowners into the streets.
According to Jerry Goldberg, a Detroit foreclosure attorney, “The mortgage crisis was created by the criminal, fraudulent actions of every major bank, as confirmed in the Senate Select Committee report issued this year. The banks continue to get bailed out with virtually every foreclosure by the government-owned Freddie Mac and Fannie Mae, as well as by HUD. The banks get paid full value for their inflated loans, and then the government tosses homeowners on the streets and sells their homes for a pittance. The Congressional Budget Office has estimated that this silent bailout of the banks through Fannie Mae and Freddie Mac will cost taxpayers $389 billion.” (http://nationalmoratorium.org/letter-to-president-obama-labor-day-2011-detroit/)
“The mortgage crisis was created by the criminal, fraudulent actions of every major bank, as confirmed in the Senate Select Committee report issued this year. The banks continue to get bailed out with virtually every foreclosure by the government-owned Freddie Mac and Fannie Mae, as well as by HUD. The banks get paid full value for their inflated loans, and then the government tosses homeowners on the streets and sells their homes for a pittance. The Congressional Budget Office has estimated that this silent bailout of the banks through Fannie Mae and Freddie Mac will cost taxpayers $389 billion.” (http://nationalmoratorium.org/moratorium-needed-to-stop-foreclosures/)
The timeline for Jennifer’s Case:
Flagstar first foreclosed when Jennifer’s husband, a member of UAW Local 600, died in 2006. The home was temporarily in default and Jennifer paid $26,000 from her husband’s life insurance to restore the loan.
Flagstar raised monthly payments over the next 2 years from $1,550 to $1,750, but refused to put Jennifer’s name on the mortgage.
When Jennifer lost her job in 2008 she continued paying while asking for a loan modification. Flagstar refused, saying her name wasn’t on the mortgage— then raised her payment to $1,975. Jennifer has paid a total of $46,000, depleting her savings.
Flagstar foreclosed and federally owned Fannie Mae paid full value to take over the mortgage.
Jennifer now has a job and Southwest Solutions offered to buy the house at its appraised value and sell it to her on favorable terms. Fannie Mae refused: it wants $120,00 for a house worth 1/10th that amount!
I’ll be able to schedule a few hours on Tuesday at Jennifer Britt’s home. Sometime in the afternoon would be great. Please give me a call at 248-354-5882 to give me a time you’d like me there. Thanks.