Wednesday, October 29, 2008

No way, Fannie Mae?

Posted By on Wed, Oct 29, 2008 at 2:07 PM

The Neighborhood Assistance Corporation of America protested against Fannie Mae at Trade and Tryon streets during lunch today. About 150 staffers, volunteers and homeowners congregated outside the mortgage giant’s offices, chanting “no way, Fannie Mae.”

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NACA recently helped 20,000 homeowners restructure their mortgages but says it’s been unable to get cooperation from Fannie Mae, which backs a substantial chunk of all U.S. mortgages. The group contends Fannie Mae is using tax money to foreclose on homeowners. It wants the mortgage giant to stop foreclosures and interest rate increases while restructuring loans to affordable payments.

Monica Hayes of NACA says people are coming in to NACA offices off Albemarle Road daily with foreclosure tales. “[Fannie Mae] needs to restructure the loans,” she said.

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