Letter: More on Freddie Mac

By Brenda Loew
Wednesday, July 21, 2004

Carol Fernandez' anti-Semitic remark about kosher butchers is offensive. We don't want name-calling or racist remarks in a city of diversity. Does Freddie Mac offer Americans interest-free loans? No. If they did, would we need affordable housing in Newton? Maybe we wouldn't need CAN-DO or one of its original past leaders, Ward 3 Alderman-At-Large Ted Hess-Mahan, who sits on the Human Rights Commission, as well.

Do Americans get interest-free mortgages, loans or credit or any type of special consideration in the form of creative, alternative, interest-free financing when purchasing homes, cars, boats, vacations, weddings, etc.? I don't think so. USA Today reported that "... an estimated 7 million Muslims live in the USA, and their number is growing ... Freddie officials expect to have special appeal to institutional investors in Islamic nations." ["Freddie Mac now buys mortgages held by Muslims," March 28, 2001].

Do you know who your neighbors are? Who knows about Freddie Mac's interest-free loans? Do you? Do your adult children? And how much of a chance would we have getting one? Maybe knowing as much as she thinks she does, Carol Fernandez could first help American citizens, born or naturalized, realize the American dream of being homeowners.

We all know what would happen if we Americans wanted an interest-free loan. Lenders would look at us as if we had two heads. And what would happen if we Americans refused to pay interest on our mortgages? Our homes would be foreclosed.

In a speech given on May 7, 2001 in Orlando, Fla., David W. Glenn, vice-chairman and president of Freddie Mac stated, "And we've introduced a unique program that enables Muslims to purchase their own homes in 21 states, while keeping within Islamic religious law." This is a frightening statement and mindset. There are lots wrong with this picture, Ted and Carol.

Brenda Loew
Chestnut Street