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American Banker Features SUN Initiative in “FHFA, Freddie and Fannie Deaf to Reason on Foreclosures”

Tuesday, March 6, 2012

Boston Community Capital’s SUN Initiative was featured in the American Banker article “FHFA, Freddie and Fannie Deaf to Reason on Foreclosures.”  The article, written by Joel Sucher, tells the story of a family from California and their fight to save their home while Freddie Mac “has turned a deaf ear.”  Their story is similar to many others across the country who have fallen behind on their mortgages due to the poor economy and are trying to work with Fannie and Freddie to keep their homes.  Sucher writes:

“There are others around the country whose tales are only beginning to surface: like Giovanni and Linda DeCaro, who tried, unsuccessfully, to negotiate a settlement with Freddie to save their Springfield, Mass., home through a short sale strategy, brokered by Boston Community Capital's Stabilizing Urban Neighborhoods program, that would have allowed the couple to buy back their property at a reduced price and then make monthly payments on a fixed rate 30-year mortgage. Restrictions would prevent them from selling the house for more than they paid without sharing the profits with Boston Community Capital.”
“Sensible, even a tad innovative? Yes. Too much so for Freddie, which sees the DeCaro home as simply an investment property to be sold for top dollar. Greed again rears its ugly head.”