Tuesday, July 31, 2012

Ed DeMarco Refuses to help Taxpayers & Homeowners

Insane man: courtesy of Bush Administration
"Honest...I didn't know throwing them an anchor....would cause them to drown"

President Obama: Please Fire FHFA Director Ed DeMarco

New York Times: Opinion - FIRE DeMarco

The "tone-deaf" bureaucrat has clearly lost his mind and his schizophrenic behaviour is on display. Ed DeMarco is a sad, but powerful career politician that is a holdover {leftover} from the Bush Administration. As acting Director of the Federal Housing Finance Agency(FHFA) DeMarco oversees Fannie Mae and Freddie Mac which control or own over half the nation's mortgages.

Ed DeMarco has refused to allow for any meaningful relief for homeowners and has been stonewalling taxpayers in attempt to avoid a Principal Correction (reduction) conversation.  It has been made clear, that without Fannie and Freddie taking action, millions of homeowners will remain underwater {paying more to their mortgage - than their home is worth} and contributing to the vicious cycle of the housing/foreclosure crisis. 

For millions of families on the financial brink, the REFUSAL, by DeMarco to allow a mortgage principal correction {to fair market value} is the difference between an economic recovery or crashing the economy. Earlier this year, it was revealed that DeMarco hid critical documents showing that FHFA was on the verge of approving a principal reduction/correction program until HE quashed the plans & reports. 

We need an honest director not someone willing to mislead Congress & the President.
President Obama if your serious about restoring the housing market and standing with American homeowners, tax-payers, and the 99%, you must get rid of Ed DeMarco.

DeMarco Wins Gold in New Event: Stonewalling on Principal Reduction

FHFA to reject Principal Reductions for Fannie & Freddie 

Huffington Post Business: Top Housing official {DeMarco} defies White House

Letters Below {proving a future insanity defense for DeMarco}
In a move that brings two federal "tone-deaf" agencies as close to warfare as possible within the confines of bureaucratic memos, the Treasury Department called out housing regulator Edward DeMarco on Tuesday for his continued refusal to offer a key piece of housing assistance to underwater borrowers struggling to save their homes from foreclosure.

The Federal Housing Finance Agency's own analysis has shown that principal reduction could help up to 500,000 homeowners and save taxpayers as much as $1 billion, Tim Geithner wrote: {principal reduction} could save Fannie Mae and Freddie Mac {the government-controlled mortgage giants} up to $3.6 billion.

The response by DeMarco {letter to Congress - below} reaffirms his opposition to principal reduction, a move championed by many housing advocates and economists. DeMarco wrote that his agency's analysis found that the taxpayer benefit of writing down the mortgage values "would not make a meaningful improvement in reducing foreclosures in a cost effective way for taxpayers."
Letter to FHFA

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