Serrano Calls on Fannie Mae to Protect Bronx Tenants

Fannie Mae, which is shorthand for the Federal National Mortgage Assocation, is a government-sponsored entity which purchases and guarantees residential mortgages.  Fannie Mae  purchased the Ocelot mortgages in 2007 and had planned to sell the portfolio this summer through a website called DebtX that auctions distressed housing.  Together, Serrano and Schumer argued that an online public auction was not in the best interests of the tenants, and called on Fannie Mae to work with the City’s Department of Housing Preservation and Development to find responsible owners for the Ocelot buildings.

Serrano speaking alongside Senator Schumer at mortgage event