DeMarco Responds to Representatives Cummings and Tierney RE Principal Forgiveness

FHFA Responds to Representatives Cummings and Tierney

Washington, DC – Federal Housing Finance Agency Acting Director Edward J. DeMarco today responded to a May 1 letter from Representatives Elijah Cummings and John F. Tierney about principal forgiveness. As part of the response, FHFA is releasing an April 12, 2012 letter and summaries of principal forgiveness pilot programs.

Full response below…

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4closureFraud.org

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Cummings Tierney Response

Comments
9 Responses to “DeMarco Responds to Representatives Cummings and Tierney RE Principal Forgiveness”
  1. Gene says:

    I think Reps. Cummings and Tierney were expecting an RECENT update, not programs from 2009 and 2010. So much has happened since then. Mr. DeMarco states “I strongly disagree… (that I, my office, the Enterprises, private lenders, etc. have done NOTHING to address the real problems facing housing and the economy)…” What a crock of sh^#! Furthermore, with such small numbers in the pilot programs should we not have an update? These programs are from 2-3 years ago… should we not have an update? Oh, I forgot, this agency does not want anything done other than what the banks/servicers want done… which is NOTHING.

    Unbelievable. And, yes, unfortunately unconditionally supported by industry and the bought and paid for elected officials (including our president).

  2. jaclyn says:

    AND OMG !! Demarco is a despicable creature.

  3. jaclyn says:

    OK. I see talk of “SHARED EQUITY” . I stopped reading as soon as I saw that term. It means the homeowner gets a principal reduction . Then, any equity that builds up in the home over the years…INCLUDING “SWEAT EQUITY” is shared with the lender. Now in England I believe there was a similar ownership structure. It was called SERFDOM. Serfs were allowed to stay in their homes and in exchange they gave a portion of what they worked for to the Lords. Disgraceful.

  4. Bobbi Swann says:

    OMG! If we don’t get rid of this a$$ we are in for total collapse! This letter is just him backtracking and full of hot air and smoke screen. Who has the power to rid this man of his station? Seriously, he is ‘appointed’ correct? by the president? by whom? We should demand in the platform of any new candidate that this position be refilled by someone better positioned and in tune with the American People and their needs! This man is a joke!

  5. Bobbi Swann says:

    OMG! If we don’t get rid of this a$$ we are in for total collapse! This letter is just him backtracking and full of hot air and smoke screen. Who has the power to rid this man of his station? Seriously, he is ‘appointed’ correct? by the president? by whom? We should demand in the platform of any new candidate that this position be refilled by someone better positioned and in tune with the American People and their needs! This man is a joke!

  6. Steve Jensen says:

    Edward J. DeMarco is well protected in his job. Obama isn’t going to ask him to resign, Wall Street wants him, and the people have no say. Obama has failed to offer principle reductions in the face of the most obscene run up in housing prices the nation has ever seen, much of it based on outright fraud.

  7. Tee says:

    All his 1% buddies would dis own him if he offered any hope of principle forgiveness….no sac…just another scum bag. I am so sick of Romney and Obama throwing dirtballs at each other too…squabbling kids. The middle class will carry the weight of wall street, big banks and all the governmental program needs until their is only two classes left. Rich and Poor and then the morons will start bleeding each other…….Ya know, Jesus Christ must really be ashamed in front of his father at the way we act and what we do to each other……You the decision making 1% who are kicking the worlds people to the curb……..Your gonna burn in Hell forever….I hope all your dollars and non-compassion and sacklessness are worth it. By ignoring the problems your just as guilty!

  8. readdocs says:

    Lots of shiny objects being thrown up into the air to distract from the real problem and solution.
    Until the real lenders of the funds are brought forth and negotiated with, all the words in the
    world are useless. Oh LOOK!! Shiny!!!

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