The wealth of our society is measured by the value of our properties, and Fannie Mae isn’t doing its job.”ĭuring the past several years, NFHA notified Fannie Mae many times of its failure to maintain and market its foreclosed homes in communities of color to the same standard to which it was maintaining and marketing the foreclosed homes it owned in similar, predominantly white neighborhoods. We will not allow this inequity to continue.”Ĭongresswoman Marcy Kaptur joined today’s news conference and expressed her disappointment in Fannie Mae’s actions, stating, “What Fannie Mae is doing is outrageous. Fannie Mae’s negligence demonstrates a disregard for the laws that were put in place to ensure everyone has a fair shot at pursuing the American Dream. “When African American and Latino neighborhoods do not receive the same level of care and attention from Fannie Mae as white neighborhoods, they do not have the same opportunity to build strong and stable communities. “Communities of color that are striving to recover from the foreclosure crisis face an uphill battle when lenders do not fulfill their responsibility to maintain properties,” stated Michael Marsh, President and CEO of Toledo Fair Housing Center. Based on an investigation conducted from 2011 through 2015, the lawsuit contains information from more than 2,300 foreclosures, including 125 properties in the Toledo area. The data supporting the federal lawsuit, which includes substantial photographic evidence, reveals a stark pattern of discriminatory conduct. The lawsuit alleges that Fannie Mae fails to maintain its foreclosures (also known as real estate owned or “REO” properties) in middle- and working-class African American and Latino neighborhoods to the same level of quality as it does for foreclosures it owns in white middle- and working-class neighborhoods. Toledo Fair Housing Center joined the National Fair Housing Alliance (NFHA) and 19 other local fair housing organizations from across the United States to file a housing discrimination lawsuit against Fannie Mae in federal district court in San Francisco, California.
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