RTC Fall Updates: FHFA Lawsuit, Fannie & Freddie Day of Action, RTC’s new office!

RTC Fall Updates: FHFA Lawsuit, Fannie & Freddie Day of Action, RTC’s new office!

 

This fall RTC is keeping the pressure on Fannie & Freddie as we lead a growing movement calling on Fannie Mae and Freddie Mac to stop serving Wall Street greed and ensure that low income communities and communities of color have access to affordable and dignified housing. 

In July, we filed a historic lawsuit against the Federal Housing Finance Agency (FHFA) and Acting Director Edward DeMarco for shirking their responsibility to fund the National Housing Trust Fund and illegally withholding over $568 Million from extremely low-income families in need of affordable housing. In response, FHFA’s lawyers are making a motion to dismiss our lawsuit claiming that we don’t have legal standing. Our lawyers our working hard to beat the motion, bring the case to trial, and lead us to a historic victory! In order to do this we need the support of our allies. You can show your support of the lawsuit by signing our online petition on Moveon.org today!

In addition to the lawsuit we are keeping the heat on Fannie and Freddie through grassroots direct action. RTC, Occupy Our Homes, and Home Defenders League are teaming up to organize a national day of action against Fannie Mae & Freddie Mac. This Monday, October 28th, Fannie & Freddie residents are leading local actions across the country to demand a moratorium on all evictions until Acting Director Edward DeMarco gets the boot, and the Senate confirms Representative Mel Watt as the permanent Director of FHFA.

RTC’s fight for new progressive leadership at FHFA is part of our larger effort to ensure that Fannie & Freddie truly serve the public good and not Wall Street’s greed. This is particularly important now, given the current debate on the Hill about reforming Fannie and Fredie from public conservatorship to private entities. To learn more about these debates (known as GSE reform) we recommend reading “Fannie, Freddie, and the Future” by Dan Immergluck.

As we continue to build the movement to fund the National Housing Trust Fund, we know that it will take more than our lawsuit to fund the millions of affordable housing units needed in this country. Just last week our strong ally, Representative Keith Ellison of Minneapolis,  wrote a front page opinion editorial in the NY Times about our lawsuit’s demands and a new bill he has proposed that would fund the National Housing Trust Fund through adjusting the Mortgage Interest Deduction rate (See article below). Ellison introduced the Common Sense Housing Investment Act (H.R. 1213), in order to provide an additional source of money for the National Housing Trust Fund, public housing, and section 8 to help the more than 7 million low-income families in need of affordable housing. The bill would raise about $200 billion over 10 years.

Preserving and funding the National Housing Trust Fund is currently the best way for us to expand affordable rental housing for low-income communities and communities of color who need dignified, affordable, and secure housing.

Lastly, we are happy to share that RTC has settled into our new office at the Brooklyn Commons. We are excited to be part of a new Brooklyn social movement space along with our friends at the Brecht Forum and RTC member organization, Families Unities for Racial and Economic Equality. If you are in New York we invite you to visit us and check out our new home!

 

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