Members of MoveOn.org will rally at the Bank of America in Santa Monica at 5 p.m. today to demand that government-controlled mortgage lenders Fannie Mae and Freddie Mac provide relief to 10 million underwater homeowners by adjusting their mortgages to reflect the true value of their homes.
Participants will call on President Obama to stand strong with the 99 percent and replace the acting director of the Federal Housing Finance Agency, Ed DeMarco, appointed by George W. Bush, who oversees Fannie and Freddie and refuses to support homeowners.
MoveOn.org organizers say President Obama can replace DeMarco and make sure Fannie and Freddie, which hold 60 percent of all mortgages, provide relief to the millions of Americans struggling with mortgage debt.
The event is part of a MoveOn.org national day of action called “Save Our Homes,” which includes more than 200 actions around the country. It is being held on the same day as the Senate Committee on Banking, Housing, and Urban Affairs meets in Washington, D.C., to discuss the fate of homeowners. Events are taking place across the country at OFA campaign offices, at the biggest banks, and in front of homes facing foreclosure.
The event will take place on Thursday, March 15, at 5 pm at the Bank of America in Santa Monica; 1301 4th Street.