Non-profits to protest foreclosure practices outside Freddie Mac’s HQ

In the wake of the Federal Housing Finance Agency’s disclosure of a plan to help minimize banks’ risks of buying back bad mortgages, three housing non-profits are planning a rally tomorrow outside Freddie Mac’s Midtown office to demand changes to federal foreclosure policies.

New Yorkers affected by foreclosures are planning to march from Bryant Park to Freddie Mac’s regional headquarters at 122 East 42nd Street, between Lexington and Park avenues, to demand that President Barack Obama reform the government-sponsored entity and its counterpart Fannie Mae, which the organizers hold responsible for more foreclosures than any other bank.

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Anti-gentrification non-profit Right to the City, along with Occupy Our Homes and Home Defenders League, are behind the protest, and expect hundreds of individuals to participate.

The groups are seeking an immediate halt to foreclosures and evictions and the removal of Federal Housing Finance Agency Acting Director Ed DeMarco. They have also asked President Obama to force Fannie and Freddie to accept rent from residents and offer foreclosed properties to former owners or local non-profits.

The rally will kick off Sept. 12 at noon. – Leigh Kamping-Carder