CBS Atlanta 46

Members of Occupy Our Homes Atlanta and demonstrators from across the region marched to Fannie Mae's regional office to demand that they help homeowners having difficulties making their monthly payments.

The Federal National Mortgage Association, commonly known as Fannie Mae, the nation's largest mortgage holder, and The Federal Home Loan Mortgage Corporation, Freddie Mac, the second-largest mortgage buyer, received nearly $200 billion in federal bailout money during the worst economic crisis since The Great Depression.

Protestors want the lending giants to loosen their purse strings and reduce the principal payments on mortgages for homeowners whose houses are underwater, allow people to rent their homes after foreclosure or sell foreclosed properties back to the occupants or non-profit developers.

Robert Anderson, a protestor whose home is underwater, meaning he owes more on his mortgage than what this home is worth, said he has tried to modify with Freddie Mac but with no luck.

"I want the investors to step down and talk to us," Anderson. "I've been going through anxiety."

Security officers stood between protestors and the Fannie Mae offices as demonstrators demanded officials come outside and take a letter requesting a meeting.

"They have the power to turn the key to economic recovery," said Tim Franzen, one of the protest organizers, who added that it is time for Fannie and Freddie to start giving back. "We're here to encourage them to turn the key, to stop holding our neighborhoods hostage."

Protesters were not permitted to speak to Fannie Mae officials, and even CBS asked a spokesman if a meeting would be possible. The spokesman said that he couldn't say for certain if there would be a meeting with the group, but added "we absolutely want to work with homeowners who are having difficulty making payments, who want to work with us to prevent foreclosure."

The spokesman also encouraged Fannie Mae mortgage holders who are experiencing difficulties to contact them for assistance.

If you have a mortgage with Fannie Mae and need help, call Fannie Mae at (866) 442-8573 or go to knowyouroptions.com.

Vietnam Veteran John Vinje and his wife spent Memorial Day wondering where they would possibly go if they lose their home in a foreclosure sale scheduled for Tuesday.

After falling behind on their mortgage payments when his wife became ill and was unable to work, the Minnesota couple tried to work with the bank, but US bank refused to accept partial payments on the Vinje's home that is now worth approximately $50,000 less than what they paid for it.

The foreclosure sale was already postponed once after the Vinje's got involved with Occupy Homes MN, and marched from Hennepin County Government Center to City Hall.

Via:

Eventually US Bank agreed to modify the loan, but the new terms offered lowered the monthly payment by only $97. Vinje said still left the payments out of reach for the couple. And those negotiations did not slow the foreclosure clock.

Vinje's case was cited during the 2012 legislative session by Democratic lawmakers who introduced several foreclosure reform bills. One measure would've outlawed "dual tracking," the practice of simultaneously foreclosing on a home while engaging in negotiations to modify the loan terms.

Republican leaders and committee chairs would not allow a hearing on any of the bills, because they believed they restricted commerce. So DFL sponsors conducted a mock hearing for the benefit of the media.

(Emphasis mine.)

Republicans wouldn't even allow a hearing on the foreclosure reforms, remember that the next time you hear someone wonder why the government won't help save them from greedy bankers. More importantly, remember that come November.