September, 08 2008, 06:00pm EDT
For Immediate Release
Contact:
Charles D. Jackson, Communications Director, at 504-994-4669, or communications(at)acorn.org
ACORN Calls on Fannie Mae and Freddie Mac to Modify Loans
NEW ORLEANS
ACORN National President Maude Hurd released the following statement today:
"We already know that the federal takeover of Fannie Mae and Freddie Mac will be an unprecedented bailout of these private giants. Now the only question that remains is whether this move will help or hinder American homeowners who are struggling with their mortgages. ACORN calls upon the new leadership of Fannie and Freddie to pull all delinquent loans out of securities and place them in their portfolios so that they can be modified to a fixed rate affordable to the homeowner, using interest rate reductions, term extensions, and principal reductions as needed to create true affordability based on a borrower's income and expenses. The FDIC's recent work in modifying Indymac-held loans en masse is a good example of how the public good can be served in this situation.
"Holders of the Fannie and Freddie securities have reaped an enormous windfall with this move by the federal government, and we are asking that American homeowners struggling with their mortgages be afforded some consideration as well. Streamlined modifications by Fannie and Freddie for all delinquent loans would ensure that American homeowners, and not just banks and insurance companies, can emerge from this difficult situation better off."
ACORN, the Association of Community Organizations for Reform Now, is the nation's largest community organization of low- and moderate-income families, working together for social justice and stronger communities. Since 1970, ACORN has grown to more than 350,000 member families, organized in 850 neighborhood chapters in over 100 cities across the U.S. and in cities in Argentina, Peru, Mexico, the Dominican Republic and Canada.
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