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A group of Bronx tenants rallied Thursday outside the midtown offices of Fannie Mae and Freddie Mac. They began their march at Fannie Mae's midtown offices and ended up near Grand Central Terminal, where they banged drums and chanted "the Bronx is not for sale."

Police formed a line in front of the high-rise building that houses Freddie Mac.

Tenants say their buildings were purchased during the housing boom by companies that overpaid for the properties, allowed them to fall into disrepair and ultimately ended up in foreclosure or near it. They say Fannie Mae and Freddie Mac own the loans on their buildings and they are fearful the properties will get auctioned to the highest bidders, causing the same problems all over again.

One tenant, J. Ahleezah Sims, wants Freddie Mac to lower the debt on the dilapidated building where she lives and then sell it to a reputable owner.

Last year, Fannie Mae agreed to do just that with a portfolio of 16 buildings after being pressured by elected officials and the city's Department of Housing Preservation and Development. Freddie Mac says Sims' building isn't in foreclosure yet, and it's working with the current owner to address the violations.

Tony Perez lives at 2427 Webster Avenue and says his building has been in disrepair for years, with tenants having to deal with broken elevators and no heat and hot water in the winter. Fannie Mae ended up taking the building over and Perez says they reneged on a promise to notify the tenants association before selling to a new owner.

"We don't know how it's going to be, the same way or better," Perez says.

Fannie Mae provided a letter sent to the tenant's association that says "the selected purchaser is an experienced participant in the New York housing market that has the capability to be a responsible noteholder and potential building owner."

But housing advocates say Fannie Mae did not lower the debt on the property, making the purchase price too high once again.