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1. Secretary Castro: stop HUD from forcing the eviction of these Lynn, MA families!
Millions of families across the country were trapped in predatory or inflated loans during the housing bubble. With the Great Recession, many ended up in foreclosure. The Rodriguez, Emedosi, and Cardona families of Lynn, MA are three of those families. They all want to remain in their homes and in their neighborhoods.
There’s a way for them to hold on to their American dreams… but HUD is standing in the way.
For over two years these families have been offering to buy their homes back, with the help of either a non-profit lender or private financing. This solution benefits the families and their neighborhood. Profit-driven big banks and servicers have agreed to “buy backs” like this many times.
But these families face eviction instead, because their original, inflated mortgages (the ones that were foreclosed) were FHA-insured loans. FHA and its parent department, HUD, are part of the Federal Government. They are supposed to support affordable housing and neighborhood stability. Yet HUD’s current policies block families from buying back their homes after foreclosure. Instead, they favor speculators and cause unnecessary evictions.
In these cases, HUD is worse than the Wall Street banks! Why would HUD choose to throw families out, let the homes deteriorate, and finally sell them to a predatory “flipper” or speculator for a discounted price when there is an alternative that actually serves HUD’s mission? Secretary Castro, YOU can stop these unnecessary evictions and agree to sell to not-for-profits who will buy the homes at a fair price.
2. Secretary Castro: stop selling neighborhoods across the country to Wall Street!
HUD is also causing unnecessary foreclosures across the country by selling distressed mortgages to Wall St. companies at a huge discount in giant auctions. These companies have little interest in preventing foreclosures -- instead they take the homes, evict the former owners, and then either “flip” them for a profit or turn them into rentals.
HUD promised to help homeowners avoid foreclosure by selling more of these overdue mortgages to nonprofit community organizations rather than Wall Street banks. But instead, the Distressed Asset Stabilization Program (DASP) has continued to be a giveaway for Wall St. In 2015, 98% of homes sold through DASP went straight to Wall St. This must stop!
When these sales are delayed, maintenance is delayed and we end up with increased risk of damage like this...
The Lynn, MA family that used to live in the home above was prevented from buying their home back by the same HUD/FHA policies stopping the families mentioned above.
Sign a petition:
www.dontsellourhomestowallstreet.org