[act-ma] Fannie & Freddie ON TRIAL 12/8, ACTION
aria at littlhous.net
Wed Dec 5 12:47:50 PST 2012
Contact; smeacham at clvu.org t
We will put Ed DeMarco on trial
Saturday, Dec. 8, 2012, 11 am, Park St. Station
*(Leave CLVU office at 10 am, assemble Park St. 10:30)*
City Life has been pressing for principal reduction for 6 years. Gradually,
under pressure, we are starting to see Wall St. banks do principal
reduction. The big holdouts? - Fannie Mae and Freddie Mac, two "government
supported enterprises". Fannie and Freddie refuse to do principal
reduction, even though their own studies show it’s cheaper to do principal
reduction than to foreclose.
One reason for the backward position of Fannie-Freddie is Ed DeMarco, who
is the head of FHFA, which oversees F-F. He is a Bush appointee who
ideologically opposes principal reduction. Over the weekend, the New York
Times editorialized in favor of Fannie-Freddie doing principal reduction
and replacing Ed DeMarco with someone favorable to principal reduction
News reports have suggested that Pres. Obama is willing to do
just that. But we plan to give him a little encouragement. We will put Ed
DeMarco (represented by our Count Bankula puppet) on trial at Park St.
Station, in front of legions of holiday shoppers. If he is found guilty,
he will be sentenced to… being fired.
This is a very important step. If F-F do principal reduction,
our members could get hundreds of billions of dollars of debt cancelled. We
know it’s the holidays, but join us for this important trial. We’ll be
done by 11:45.
Link to further actions YOU can take on our website
1. *Annual meeting a success*. 120 people gathered at the 1199 union
hall for City Life’s annual celebration. Huge amounts of food, live
performances, theater, awards, an address on the past year by Curdina Hill
and video highlighted the evening.
2. *Independent Foreclosure Review time running out*. If you were in
any foreclosure process during 2009 and 2010, you should submit an
application for an independent foreclosure review. We will be doing major
outreach in December to encourage our eligible members to do this. We will
have a clinic on Dec. 18. Filing for IFR can possibly get a big cash
settlement and/or help defend against bank eviction.
3. Dec. 18 is also the *Bank Tenant Assoc. pot luck holiday party*.
4. *MassUniting “Jobs not Cuts” rally* in Faneuil Hall, Monday, Dec.
10, 1-2:30 pm
"Our goal is a society that prioritizes the needs of all before the profits
of the few." passed by Occupy Boston General Assembly 11/29/11
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