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FHFA Acting Director Defies President Obama & Congress, Indefinitely Postpones Decision on Fannie & Freddie Principal Reduction

  • Written by Press Release
  • Category: Commentary

Time for President to Remove DeMarco, Nominate Permanent Agency Head Who Will Follow the Law 

Washington, DC—(ENEWSPF)—April 28, 2012.  Yesterday, FHFA Acting Director Ed DeMarco revealed a new level to his deep ideological opposition to doing principal write-downs. 

Despite clear evidence from DeMarco himself that doing principal reduction on loans owned by Fannie Mae & Freddie Mac would save taxpayer money, FHFA announced today that they are indefinitely postponing its decision on whether to allow Fannie & Freddie to do principal reductions. http://www.brookings.edu/events/2012/0410_housing_demarco.aspx  

Acting Director DeMarco is defying both the President and Congress, who have repeatedly requested a decision on this matter and who have been waiting for months for him to respond.  He is putting his own ideological opposition to principal reduction ahead of his mandate to save taxpayer money. 

The New Bottom Line and allies such as Rebuild The Dream and MoveOn have pressured President Obama to remove Ed DeMarco for months through a series of petition deliveries at OFA offices and the FHFA headquarters signed by tens of thousands of people, including Rebuild The Dream’s successful White House “We the People” petition that called on the President to fire DeMarco. 

President Obama must not tolerate such clear defiance and disregard for both taxpayers and homeowners.  It’s high time that he finally remove DeMarco and nominate a permanent head to the agency who will follow the law. 

To read stories and see pictures of Americans living with negative equity in their homes, please visit http://america-underwater.tumblr.com/

America Underwater is a joint project of The New Bottom Line and Rebuild The Dream. 

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The New Bottom Line is a growing movement fueled by a coalition of community organizations, congregations, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities. Together, we are working to restructure Wall Street to help American families build wealth, close the country’s growing income gap and advance a vision for how our economy can better serve the many rather than the few. Coalition members include PICO National Network, National People’s Action (NPA), Alliance for a Just Society, the Right the City Alliance, and dozens of state and local organizations from around the country.


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