Readers will recall we are fighting Freddie Mac’s plans to sell locally foreclosed homes to private investors in bulk sales. That squeezes our already low inventory, and shuts out ordinary home buyers. In direct opposition to Freddie’s own stated mission:
Our mission and vision are based on long-standing values that inform the work we do at the Freddie Mac Foundation. We believe:
- families who are struggling can thrive when they are supported within healthy communities with adequate and safe housing with comprehensive services;
- the best place for any child is a safe and stable family;
- even the most vulnerable of families can thrive;
- all children and youth have potential and can succeed in school and later in their careers.
The two children in my client’s family may remain renters if their offer to purchase a Freddie Mac foreclosed home in Shasta Lake City falls through because of a bulk investor sale. I think they’ll be fine. Having a good family matters more to kids than housing. But this local bulk sale policy of Freddie Mac makes a mockery of their “mission statement.” Complete and inarguable hypocrisy.
Readers will also recall we enlisted Congressman Herger’s office for help. Rachel Alexander gives me regular updates, even if there is nothing to report. This sale is taking place behind closed doors. Sweet deal for somebody. Somebody wealthy and influential.
“Thanks, Skip. I will be in touch when I get a response from Freddie Mac. Please let me know if they contact you directly.
Rep. Wally Herger (CA-02)
14 days now since we first contacted our congressman in an effort to get relief from this sale. Still no word from Freddie Mac. Will keep you all informed.
Meanwhile, weep with us for the irony of this Freddie Mac video pointing out how good the rates are right now.
If only they weren’t selling the few available local REO houses to insider investors.