For Immediate Release
March 23, 2012
For More Information Contact:
Deonna Kirkpatrick
(216) 361-0718 or (216) 296-0363
dkirkpatrick@esop-cleveland.org
No More Excuses!
Underwater Homeowners Demand Principal Reduction
CLEVELAND, OH – Today a startling new report revealed that even the nation’s mortgage giants Fannie Mae and Freddie Mac agree that reducing principal balances on underwater mortgages will help families and communites while saving taxpayers money. (Link to report)
So why won’t they do it? The decision rests with Edward DeMarco, the acting director of the FHFA, who has refused to allow it, claiming it’s bad business. Now his own employees’ analysis proves that’s not the case.
No more excuses!
Today underwater homeowners and neighborhood leaders from across northeast Ohio will board buses and take their message to a local bank, demanding serious action on principal reduction.
Read website – known as the BurkeyLoan’ solution – waiting to be added to senate bill. Access to capital solution can reduce monthly payment by fifty percent, yes up to half off. Many options and solution for all people with no moral hazard objections. Put your energy behind solution that works.