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Showing blog posts tagged with underwater mortgages

100 Days to Fix What Wall St. Broke: Painful to See American Dream 'Rot Away'

100 Days to Fix What Wall St. Broke: Painful to See American Dream 'Rot Away'

Wall Street wrecked the economy and banks still are refusing to work with people who are trying to stay in their homes. The Campaign for a Fair Settlement, along with other partners, is calling on President Obama over the next 100 days to champion an agenda that would:

1. Hold bankers accountable for their crimes.

2. Keep people in their homes by resetting their mortgages.

Sign the petition here

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Diane McCloud shared her story about her home underwater. Read more from 100 Stories of What Wall Street Broke:

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It’s Time for a New Leader at the Federal Housing Finance Agency

A growing chorus of voices across the country is calling for President Obama to replace the acting director of Federal Housing Finance Agency (FHFA), Edward J. DeMarco. DeMarco, a holdover from the Bush administration, is responsible for overseeing Fannie Mae and Freddie Mac. President Obama’s nominee to replace him in 2010 was blocked by Republicans.

DeMarco has prohibited Fannie and Freddie from providing responsible homeowners who are struggling to keep up with their mortgages with access to principal reductions. He has even refused to allow them to participate in the Obama administration’s principal reduction program (HAMP PRA), despite FHFA analysis showing that participating in the program could save $3.6 billion for Fannie Mae and Freddie Mac and $1 billion for the taxpayers.

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Trumka to Justice Dept.: Investigate Banks

AFL-CIO President Richard Trumka is urging the Justice Department to lead a comprehensive investigation with state attorneys general to prevent banks from engaging in future unlawful and deceptive practices that could exploit homeowners and put the economy further at risk. From Trumka:

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