Rep. Elijah Cummings and Edward DeMarco
A group of 45 members of the U.S. House of Representatives came together today to sign a letter urging president Obama to appoint a permanent leader of the Federal Housing Finance Agency who will make aiding distressed homeowners a priority, according to the Huffington Post.
Led by Maryland’s Elijah Cummings (D) and Massachusetts’ John Tierney (D), the lawmakers asked the president to replace current acting director Edward DeMarco with someone who will consider a loan principal reduction program that would help underwater homeowners. The signatories emphasized that there are “approximately 10.9 million residential borrowers” who are currently underwater on their homes.
“It is imperative that we have a strong leader at FHFA to take on these challenges, strengthen the housing market, and promote our nation’s continued economic recovery,” the lawmakers wrote.
DeMarco’s perceived unwillingness to take the regulatory steps necessary to aid homeowners has made him extremely unpopular with many members of the House.
“In the three and a half years since Edward DeMarco was designated Acting Director of FHFA,” the letter said, “questions have persisted about his repeated failure to utilize the authorities available to FHFA to promote a healthy housing finance market.” [HuffPo] –Christopher Cameron
February 07, 2013 at 3:53 pm, hopefull4 said:
its about time: Replace Ed Demarco !
Mr. President,
Replace Ed Demarco as head of FHFA immediately
The housing bubble of 2007 is still being felt today in 2013. True Changes need to happen, starting with helping the underwater homeowner.
FHFA governing the GSE’s (Fannie Mae & Freddie Mac) have blocked true loan modifications by denying the homeowner a principal reductions.
yet Fannie has made Billions in lawsuits claiming fraudulent loans etc and said they were a victim, but what about the other victim the HomeOwners.
Banks like Bank of America, Chase, Wells Fargo, etc etc have their hands tied and are not allowed to offer principal reductions like those in the National Mortgage Settlement because Mr. Ed DeMarco refused to allow Fannie & Freddie to participate.
Yet homeowners have received letters saying they can short sale it for fair market value.
Now why wouldnt fannie & freddie just allow the homeowner a loan mod at fair market value?
enough is enough !
Help the Underwater Homeowners save their home at current market values and allow principal reductions !!!
February 07, 2013 at 3:55 pm, hopefull4 said:
Together we can make a difference.
Replace Ed DeMarco immediately !
https://petitions.whitehouse.gov/petition/make-fannie-mae-fnma-freddie-mac-allow-principal-reductions-homeowners-fhfa-ed-demarco-needs-be/GJ9sqdv2