50 community members, holding red roses in solidarity, rallied in support of Rose McGee Tuesday as she faced off against Fannie Mae in settlement court alleging wrongful foreclosure. When Fannie Mae still refused to offer a fair deal, the judge ordered for them to return for further court mediation May 14.
“The outcome of the court process today was very disappointing,” said Rose McGee. “The offer that Fannie has made is unreasonable. If they made a reasonable offer, I would gladly accept it. I think now that I’m being used as a scapegoat because they’re faced with so many cases like mine that they don’t want to set a precedent of losing this one.”
Rose, who has been fighting her foreclosure for over a year, fell victim last May to a process called “dual tracking”: as CitiMortgage told her they were modifying her loan, they sold the home to Fannie Mae at a sheriff sale. In January, Rose met with Fannie Mae executives in D.C. who promised they were working on a loan modification–but she was dual tracked again when they continued pushing forward with the eviction at the same time.
Tuesday’s rally came as part of New Bottom Line’s national Dump DeMarco campaign, calling on the Obama administration to fire Ed DeMarco, the federal administrator overseeing Fannie Mae and Freddie Mac, and replace him with a permanent director who will implement national principal reduction–resetting mortgages to fair market value.