EAST ORANGE, NJ - East Orange joins a chorus of local elected leaders across the nation calling on Fannie Mae, HUD and Freddie Mac to sell troubled mortgages to non-profits, Not Wall Street speculators.
On 10:00 am, Thursday February 4th, Mayor Lester E. Taylor III and members of the East Orange City Council will hold a press conference on the steps of City Hall to call on Fannie Mae to prioritize the bulk sale of delinquent mortgage pools to non-profit housing agencies as opposed to Wall Street speculators. Over the past few years, the federal agencies HUD, Fannie Mae and Freddie Mac have been auctioning off pools of very delinquent mortgages – most often to the highest bidder. Hedge funds and private equity firms have been the primary beneficiaries.
“The foreclosure and mortgage crisis in New Jersey is the worst in the nation,” says Mayor Taylor. “East Orange has taken this crisis very seriously and worked diligently to keep families in their homes and stabilize our hardest hit communities. The City of East Orange can build on our successes, but only if the federal agencies prioritize the sales of delinquent mortgages to local non-profit partners with a commitment to our residents and our communities. I want Fannie Mae to talk with our City and our non-profit partners before selling off one more troubled mortgage to Wall Street.”
“On February 4th, I’m joining with colleagues and community leaders from across the country in calling on Fannie Mae to stop contributing to the problem. Instead, Fannie Mae should be working with local leaders to develop strategies that help stabilize our neighborhoods,” says East Orange First Ward Councilman Chris James. “In the coming weeks, the City of East Orange will consider a motion before City Council calling on our federal housing agencies to do what’s right for our communities and our residents.”
The Mayor and East Orange City Council members will be joined by residents, housing activists, community leaders and members of NJ Communities United.