Homeowners share their pain, and their numbers, on advocacy groups' site to make point to regulator.
Would you share with online strangers a photo of yourself with how underwater you are on your mortgage?
Three advocacy groups hope you will in order to prove a point to Edward DeMarco, the regulator of Fannie Mae and Freddie Mac.
DeMarco has frustrated state and federal leaders on his stance against writing down the principal balances of Fannie and Freddie borrowers who owe more than their homes are worth. Among those leaders is California Attorney Kamala Harris.
The grass-roots groups, who have called for the firing of DeMarco, have created a Tumblr blog called “America Underwater.” The blog, which officially launched Tuesday at america-underwater.tumblr.com, features photos of homeowners who report that they have negative equity.
The entries show a photo of the borrower holding a placard with a negative figure, indicating how underwater they are. There’s also a spot under the image where the homeowners can disclose as much or as little as they want.
An entry posted Tuesday shows a woman holding a sign that says “-$53,000” and the message:
“I am still $53K underwater AFTER a loan modification. My loan servicer won’t even consider writing down/wiping out my 2nd mortgage balance of $17K, which is just common sense!!”
The blog states the idea is from community groups the New Bottom Line, Rebuild the Dream and National People’s Action.
Here’s a description of the project:
“11 million homeowners are underwater. This Tumblr blog is for homeowners throughout the country to share how their dreams are drowning, to show that none of us is alone in our struggles, and to show how even one underwater mortgage is more than America can afford.”
What do you think? Will you post your story on “American Underwater”?