Advocacy
Challenging Fannie Mae
As the the homeownership boom was at its height, the market was about to take a turn. The rapid gains in home equity were beginning to diminish and the industry was looking for ways to deal with what would become the foreclosure crisis and the great recession. However, some of those reactions punished mortgage borrowers simply due to the ZIP code where they were hoping to buy a home.
As stories of Fannie’s policy to charge higher down payments for homes in ZIP codes they deemed risky, Collaborative founder Rob Breymaier went into action. He began collecting data to analyze the impact of the new policy. IT became clear that the policy was going to harm communities of color and diverse communities disproportionately.
At that point the plan sprung into action. A petition drive to change the policy began gaining hundreds of signature. Media sources from local newspapers to nationwide public radio shows were contacted and picked up on the story. And, building on his network of advocates across the country, the effort was transformed to a national movement.
Within months, Rob brought a team of experts to meet with Fannie Mae and demonstrate the harm of the policy. Shortly following that meeting, Fannie Mae reversed course and halted the policy.
The result ensured equal terms and conditions for all borrowers regardless of neighborhood.
First Name Last Name
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.