More Protestors to Prevent GSE NPL Sales to Wall Street Firms
February 5, 2016
There were nationwide protests this week to stop Fannie Mae and Freddie Mac from selling the bulk of its nonperforming loans to private-equity firms and hedge funds. Politicians and community groups continue to argue that the GSEs should level the playing field so more nonprofit groups have a chance to buy the loans. “Struggling mortgages should go to non-profits that fight foreclosures and create affordable housing, not Wall Street speculators ready to evict struggling families. Our neighborhoods are not for sale,” tweeted one of the protest’s organizers, the American Alliance for Californians Empowerment. The protestors argued that Fannie and Freddie continue to announce sales this year where Wall Street firms are the primary benefactors.