On May 8th, 2014 the HAAS Institute and their partners released their "Hot Spots" report detailing the current state of the Housing Crisis' underwater mortgages. Tammy Doe's 30034 zip code was among the hardest hit in the nation. The Housing Crisis lingers on and it devastates new home owners and old home owners alike.
Tammy’s mortgage was bought by a private equity firm called Colony American Homes(CAH). CAH is on a mission to securitize the rental market for maximum profit. In an effort to acquire as many homes as possible CAH shows up at foreclosure auctions with cashier’s checks in the millions to blindly purchase as many homes as possible. They often claim they are purchasing homes that are vacant but we find that’s often not true, as in Tammy’s case.
Colony American Homes also claims that they care about the communities they “work” in, but we have seen the reality; the very economic collapse that Wall Street's caused has been a new source of revenue for private equity groups seeking to turn the millions of homeowners into their tenants as renters.
Tammy launched an online petition that almost 3k have signed. Last week Tammy and community supporters decided to hand deliver her petition to CAH at their Atlanta headquarters with hope of creating a dialogue between CAH and Tammy’s community. CAH wasn’t happy to have visitors, and wasn’t receptive to Community input. We shot some footage from the day:
Tammy Doe and her family are fighting for their home of nearly twenty years! They won't be bullied by the private equity firm trying to saturate their neighborhood with rentals and they won't go quietly.