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We have posted here before about Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), which is the conservator for Fannie Mae and Freddie Mac.
DeMarco needs to be replaced. We have written extensively about why in 2/7/13: Help for housing market and foreclosures: Letter to Obama and Save Tax Dollars: Fire DeMarco from FHFA.
DeMarco is to testify before the United States House of Representatives Committee on Financial Services on March 19, 2013. The meeting notice is below. We need to let our Congresspersons know that DeMarco needs to be forced out. Click here to find the members of the Financial Services Committee.
DeMarco was appointed to that position by President George W. Bush, and has been left there by President Obama. Don’t let DeMarco take the fall for Obama’s policies. DeMarco needs to be questioned if his policies are approved by the President.
DeMarco has been described as the single greatest roadblock to economic recovery. Fannie and Freddie control a majority of the mortgage market. Studies which have shown that principal reduction would be more economically beneficial to taxpayers than foreclosure. DeMarco has chosen to ignore those studies and forbid Fannie and Freddie from including principal reduction in their modifications.
In addition, DeMarco cost the tax payers more funds by allowing mortgage servicers to continue to obtain overpriced forced placed insurance on defaulted mortgages rather than move to lowest cost insurance.
The capstone to De Marco’s destruction of the American economy is his plan to use the financial assets of Fannie and Freddie to transfer wealth to the private banks who destroyed the economy in the first place. As part of this plan, he is planning on raising the fees Fannie and Freddie charge so that homeowners are paying more to increase the profits of private banks.
| JEB HENSARLING, TX, CHAIRMAN |
United States House of Representatives
Committee on Financial Services
Washington, D.C. 20515
MAXINE WATERS, CA, RANKING MEMBER
March 12, 2013
NOTICE OF HEARING
The Committee on Financial Services will hold a hearing entitled “Sustainable Housing Finance: An Update from the Federal Housing Finance Agency on the GSE Conservatorships” on Tuesday, March 19, 2013, at 10:00 a.m. in room 2128 of the Rayburn House Office Building. Witnesses will be by invitation only.
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Filed under: Action Alert!, activism, congress, economy, News, president Tagged: | DeMarco, Fannie Mae, Federal Housing Finance Agency, Freddie Mac, George W. Bush, housing, mortgages, principal reduction
[…] The Vice President’s son — Delaware Attorney General Beau Biden — came out in support of replacing acting director of the Federal Housing Finance Agency (FHFA) Ed DeMarco. FHFA is the conservator for Fannie Mae and Freddie Mac. As the overseer of Freddie and Fannie, DeMarco has thwarted a housing recovery. […]