To: Julian Castro, Secretary of U.S. Department of Housing and Urban Development

Tell HUD: Stop selling our neighborhoods to Wall Street

Tell HUD: Stop selling our neighborhoods to Wall Street

We strongly support HUD’s mission “to create strong, sustainable, inclusive communities and quality affordable homes for all.”

For that reason we are writing to ask that HUD suspend all sales of mortgages in the Distressed Asset Stabilization Program (DASP) until HUD can ensure that the program prioritizes what’s good for homeowners and their communities.

1. Increase Access for Non-Profits in the Bidding Process: Credit bidders that have stronger plans to preserve homeownership and create affordable rental housing
2. Strengthen Outcome Requirements to Preserve Homeownership and Create Affordable Rental Housing.
3. Collect and Make Public Detailed Performance Data.
4. Improve the Pre-Sale Process to Better Protect Homeowners.

In its current form, the DASP is unnecessarily undermining the very mission of HUD by selling loans to some of the same reckless actors who cause the financial crisis. With the above improvements, HUD can make the program into one that will strengthen our communities.

Why is this important?

The Federal Housing Administration (FHA), part of the Department of Housing and Urban Development insures millions of mortgages in America and regulates housing industry business.
In the wake of the housing crisis, FHA created a program called the Distressed Asset Stabilization Program, which is supposed to sell off seriously delinquent FHA insured loans in ways that “stabilize” neighborhoods. Instead, they are selling them off to the highest bidder, and that means Wall Street bankers and private equity firms.
There is an alternative: Non-profit “Community Development Financial Institutions” that have a track record of successfully helping struggling homeowners and developing affordable housing are ready and willing to buy the same assets HUD is selling to Wall Street.
It is appalling to see the one department in our Federal government charged with stabilizing communities and creating affordable housing helping to make Wall Street more profitable, as our neighborhoods require needed attention and investment. This has to stop. Now.

After you sign this petition learn more by reading our report about HUD and Wall Street authored by Center for Popular Democracy and Right to the City and “The Rise of the Corporate Landlord” a report by The Right to the City Alliance.

How it will be delivered

In person


Reasons for signing

  • I signed because out of 4 loan servisers half went bankrupt and got bailed out. Hard working people are losing their homrs and no one cares. Who bails them out?
  • I am the victim of foreclosure fraud commenced with BAC HomeLoans Servicing LP. Bank of America claimed the PMI from HUD, and were paid for the unpaid mortgage balance Hud then sold my mortgage in a DASP to an investor for 39% of the unpaid principal balance. The 'servicers' then filed foreclosure using the same fraudulent documentation that BAC used. Now this servicer is saying I owe them over 4 times what the equity firm paid for it.
  • We really don't need another home in foreclosure. We need homes to be occupied and cared for in communities to help create a sustainable economy. We need homes to house people. The contribution to our local economy depends on keeping these homes lived in and maintained.

Updates

2014-09-05 10:51:06 -0400

1,000 signatures reached

2014-09-05 09:56:16 -0400

500 signatures reached

2014-09-05 09:32:20 -0400

100 signatures reached

2014-09-05 09:30:43 -0400

50 signatures reached

2014-09-05 09:30:10 -0400

25 signatures reached

2014-09-05 09:29:25 -0400

10 signatures reached