FHFA’s DeMarco Says Study Coming Next Month on Debt Forgiveness (VIDEO)

FHFA’s DeMarco Says Study Coming Next Month on Debt Forgiveness

The Federal Housing Finance Agency will release a study next month about whether it makes sense to allow forgiveness on underwater loans guaranteed by Fannie Mae and Freddie Mac, said Acting Director Edward J. DeMarco.

“We are offering a rich array of tools to help borrowers with their mortgage payments,” DeMarco said today on Bloomberg Television’s “Street Smart” program with Trish Regan.

Three out of four borrowers with GSE loans who owe more than their homes are worth are current on their mortgages, DeMarco said.

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4closureFraud.org

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16 Responses to “FHFA’s DeMarco Says Study Coming Next Month on Debt Forgiveness (VIDEO)”
  1. keepon says:

    “Senator Demands Answers from Freddie Mac’s Regulator” ( Acting Director Edward DeMarco)
    http://www.propublica.org/article/senator-demands-answers-from-freddie-macs-regulator

    ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

    Questions the senator put to the regulator, the Federal Housing Finance Agency, include why Freddie made the deals in the first place, when the FHFA learned of the trades, what role, if any, the FHFA played in them, and what the FHFA plans to do about the billions of dollars worth of deals Freddie still has on its books.

  2. Sharon says:

    Please someone fire that asshole, please.

  3. keepon says:

    Maybe you don’t get this part of the Criminal Fraud Mr. De Marco:

    Those 4th households were selected by the predatory Fraudsters to be victims of their crimes. Their Fraud could only be lucrative if their victims would fail to pay. Don’t you think the Fraudsters crunched the numbers first, unbeknownst to those 4th households? Then the ‘loans’ could be bet against.

    The added attractions to picking on the poor, unemployed, the sick, & the elderly? They could be disparaged as ‘deadbeats’ and accused of playing the system. They could not qualify for remedial programs. And, they wouldn’t be able to finance a defense against the Goliaths.

    Why would YOU further disparage the victims Mr. De Marco? Only a Banker in spirit would deny just compensation to the VICTIMS of this Fraud.

    • keepon says:

      Mon., 4/2,: WH Petition Status 25,000 signatures required

      8:30 pm: 16,127 signatures 8863more required

      Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

      https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

      Too little too late. His allegiance is to the banks, not the homeowner/taxpayer, nor the Nation he’s sworn to serve despite and contrary to the best advice from numerous professionals. He’ll jam this up again given the opportunity. America needs him to get out of America’s way!

    • keepon says:

      http://www.orrick.com/fileupload/3397.pdf

      When employees objected to loans because of flawed appraisals, the loan officer
      would complain to the branch manager, who would complain to the Appraisals
      Department at headquarters in Irvine, California, and on up the chain until
      someone high enough in the Underwriting and Sales Department said to go
      forward with the loan.

      • Option One was motivated to violate its underwriting and appraisal standards in
      order to increase the volume of loans it could sell to Wall Street Banks to be
      securitized. An Assistant Vice President of Option One from 2005 to 2007, who
      worked in the Correspondent Lending department, which purchased loans from
      small mortgage companies, stated that Option One purchased loans that raised
      concerns under the stated guidelines and that when he raised such concerns he
      was essentially told, “Shut up, Wall Street will buy it; don’t worry about it.”

      Here is the victimization of those 4th households Mr. DeMarco from the inception of the loans. Don’t even begin to assert that “there are no victims.” All it took was a homeowners signature and these mortgage companies had themselves a Wall Street Rainmaker!

      Isn’t this the same ‘bad business model’ you embrace as reported by NPR ” that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.” Everybody wants to turn a buck’ off the backs of those 4th households including you!

  4. Bloodsoaked says:

    A wide array of TOOLS? THIS GUY IS THE ONLY TOOL IN THIS CONVERSATION! Ar’nt we all tax payer’s? That’s whom your taking the Fucking House’s From. He Looks Like A Relative of Hitler! Hial SHITLER!

  5. Bill says:

    Sounds like a “rich array” of B.S. “Helping” the “Taxpayers” = Helping the Government.There is no help for the “owner”; just prolonging the suffering. Winners are the Banks and the Government; what a koinkadink!

  6. keepon says:

    “Three out of four borrowers with GSE loans who owe more than their homes are worth are current on their mortgages, DeMarco said.”

    Does this sound like a man who has the slightest intention of righting the American economy housing at its core? Equity is to unjustly require those 3 out of 4 households to remain current ‘from underwater’ for the dalliances of the bankers? Who cares if those families have to scrounge for food? Let the housing market be purged, ‘cleansed,’ of those 4th households victimized by now known and legalized bank fraud?

    Mr. De Marco is not a public servant paid 6 digits and devoting all of his ’expertise’ to finding a better way for American families. More accurately, he is the shame of our government abandoning New Orlineans on rooves of their houses, and sitting in trees, until the flood waters finish taking their human toll.

  7. jaclyn says:

    YES…TOO LITTLE TOO LATE ..IF NOT MORE BS…THIS GUY’S GOTTA’ GO
    .

  8. rick schillinger says:

    If this guy went to my hi school,he would have had his lunch money stolen and his ass kicked.What a piece of excrement

  9. lies is all they tell says:

    whats irritating he has allowed so many homes go to foreclosure. people who have put money down or have lived in their homes 20 to 30 years. we do not deserve to be thrown out . what happens to those of us in foreclosure already whom tried so hard to get meaningful modifications from our servicers whom make more money on foreclosure fees then mods? we should be part of this to not waiting to be evicted by some judge who is being paid for by the banks??

  10. keepon says:

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

    https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

    Too little too late. His allegiance is to the banks, not the homeowner/taxpayer, nor the Nation he’s sworn to serve despite and contrary to the best advice from numerous professionals. He’ll jam this up again given the opportunity. America needs him to get out of America’s way!

    • keepon says:

      Mon., 4/2,: WH Petition Status 25,000 signatures required

      6 am: 15,132 signatures 9,868 more required

      • keepon says:

        Mon., 4/2,: WH Petition Status 25,000 signatures required

        3pm: 15153 signed 9847 more needed

  11. Fred Grandy says:

    Those 4th borrowers, will they’ll be out of their houses in a month’s time? DeMarco is incapable. It’s a shame he’s the one who applies Band aids for fraud.

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