FHFA Director Mel Watt: Lift the restriction on "principal reduction"

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An estimated 10 million American households have been foreclosed, evicted, or displaced since 2008. The brutal housing crisis hit Black communities especially hard.

Join us in demanding new FHFA Director Mel Watt suspend all evictions and foreclosures until his administration reviews and changes key policies, including lifting the FHFA's restriction on principal reduction, which could keep millions who are currently underwater in their homes.

Here is the letter that we'll send to FHFA Director Mel Watt on your behalf. You can add a personal comment using the box provided.

Dear Mel Watt, Director of the Federal Housing Finance Agency,

I am calling on you to do everything in your power to help millions of struggling households stave off unnecessary foreclosures by lifting the FHFA's restriction on principal reduction. Allowing government lenders Fannie Mae and Freddie Mac to modify loans would mean lower and more affordable mortgage payements, increasing the likelihood that millions of homeowners could avoid foreclosure and eviction.

You are uniquely positioned to address the nation's underwater mortgage crisis by enacting principal reduction and the reform isn't subject to congressional approval. You can act now.

Over the course of your career and especially as a North Carolina Congressman you tirelessly advocated for struggling homeowners, co-sponsored anti predatory lending and mortgage reform legislation, promoted affordable housing and even supported principal reduction. Now you have the power to roll back years of destructive federal housing policy, enact principal reduction, and mitigate the widespread suffering caused by the housing crisis.

Can I count on you to support principal reduction as you have in the past?


[Your Name]

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