March on Fannie, Freddie New York Offices Draws Large Crowd

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A crowd of more than 200 marched on the New York offices of Freddie Mac and Fannie Mae Wednesday, protesting the eviction of distressed homeowners and demanding that the Obama administration either direct Edward DeMarco to implement a principal reduction policy or remove him from his post as acting director of the Federal Housing Finance Agency.

Protesters gathered in Bryant Park in Midtown Manhattan, many wielding mops, buckets and brooms to “clean house” at the government-sponsored enterprises. Chants like, “One, two, three, four; no more constables at our door. Five, six, seven, eight; don’t evict, negotiate,” were accompanied by a small marching band as they paraded through the park’s expansive lawn.

The demonstration then headed across 42^nd Street, temporarily shutting down traffic as the crowd made its way to Freddie Mac’s office. At least four protesters claim to have successfully entered the office building and spoke with a regional director. A Freddie Mac spokesperson did not respond to a request for comment.

The march proceeded to a Fannie Mae office less than a mile away, where protesters again reiterated their demands for the GSEs to end foreclosure evictions. In an interview before the demonstration, Fannie Mae spokesperson Andrew Wilson said the GSE seeks to prevent foreclosure whenever possible.

“We want borrowers to know there are options available and they have to reach out to their servicers,” he said.

As to the demands for principal reductions, Wilson said that was a decision for the GSEs’ regulator, the FHFA. In July, the FHFA issued a statement saying it would not allow Fannie and Freddie to restructure underwater loans via principal reductions, a position questioned by both the Treasury Department and the federal Government Accountability Office.

The protest followed similar events held earlier in the week in Chicago and Atlanta and will be followed by additional protests in Washington and Los Angeles, according to organizers at Right to the City, a New York-based coalition of community-oriented activist groups orchestrating the protests with its member organizations.