Right now Fannie Mae, Freddy Mac and big bank mortgage servicers enforce a rule made up by the mortgage industry called the “arm’s length agreement.” This rule allows investors to buy homes from each other for well under market value, but a homeowner’s family can’t come in and buy it at market value to keep the homeowner in it. This rule is crushing home values in our community and displacing families in unnecessary foreclosures. It is punitive and discriminatory toward American families while privileging big banks and investors. We are asking that it be eliminated so we can keep families in their homes, stabilize our communities, and rebuild our economy.
Project REconomy has been serving Oregon homeowners since 2009 with education, grassroots action, affordable mortgage research and attorney referral to keep families in their homes and create a healthy local economy.