When Mel Watt became director of the Federal Housing Finance Agency in January, we hoped it would be a big step to help homeowners stay in their homes through principal reduction. Thousands of you signed a petition asking him to put a temporary halt to foreclosures by Fannie Mae and Freddie Mac—the two mortgage giants he oversees—until he could change the mean-spirited rules of his predecessor that prohibited banks from negotiating win-win loan modifications with principal reduction.
As a Congressman Mel Watt took the side of homeowners and communities, and argued FOR widespread principal reduction.
But nine months after he was appointed Director at the FHFA, he's done next to nothing to reduce foreclosures or negotiate with homeowners.
Today, call Mel Watt. Tell him it's time to negotiate with homeowners.
"Hi, I'm calling for Director Watt. My name is ____________ and I'm calling from (city, state). I'm calling because we need Fannie Mae and Freddie Mac to stop needless foreclosures, and the best way to do that is through principal reduction. Please change the rules at the FHFA to allow principal reduction and reduce foreclosures.”
Be polite, but be firm. Now is the time for Mel Watt to do the right thing.
When you're done, let us know how it went. Click here to report your call.