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Fannie Mae, Freddie Mac 'Face' Sit-In Over Eviction

Stocks in this article: FMCC FNMA

Community leaders & neighbors will stand with Jeff Solivan to stop Fannie Mae from evicting him and making another home vacant on the street.

First it was 10,000 emails to Mel Watt, now the battle over Fannie Mae and Freddie Mac is heating up even more. Check out the latest below.

Tuesday June 24th, 2014 at 6:00 PM, over 100 Springfield residents and allies will join Jeffery Solivan to fight eviction from his home by Fannie Mae and Mel Watt, the director of the Federal Housing Finance Agency, which oversees Fannie Mae / Federal National Mortgage Assctn Fnni Me OTCBB:FNMA and Freddie Mac / Federal Home Loan Mortgage Corp OTCBB:FMCC. Neighbors, members of the Springfield Bank Tenant Association SBTA, and community, faith & labor organizations, will vigil at 32 Edgemont Street to demand affordable housing for Mr. Solivan and families across the nation. Following a speak out at the house they will march on 6 vacant homes - all owned by banks after foreclosure - in the neighborhood before returning to the house to stage a mock "block shutdown" to demonstrate to Fannie Mae and Mel Watt the type of civil disobedience they plan if a sheriff comes to evict Mr. Solivan.

Fannie Mae Freddie Mac FHFA Federal National Mortgage Assctn Fnni Me FNMA Bove

Solivan on Fannie Mae

"I would be happy to maintain my home and pay what I can to avoid homelessness," Mr. Solivan says. "Fannie Mae, as a government-run agency, should turn my home into an affordable rental. But if they choose to evict, I'm ready to fight that eviction."

Mr. Solivan bought his home in 2007 at the height of the bank created housing bubble. He was employed working at a homeless shelter at the time. In 2008, following the economic collapse, he was let go without explanation leaving him unemployed. Shortly after, Mr. Solivan suffered a heart attack and then was hit by a car in 2012, leaving him unable to work. Like millions of others he now lives on a fixed social security income, which is not enough to be able to afford rising rents in the city or the country.

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