Ever heard of Ed DeMarco? Most people don’t know the name of the career bureaucrat who serves as Acting Director of the Federal Housing Finance Agency and oversees Fannie Mae and Freddie Mac. Between the two, Fannie and Freddie own or guarantee over half the mortgages in the country, making Ed DeMarco the most powerful man in housing.
DeMarco’s job is to do everything in his power to help Americans avoid foreclosure, but he has repeatedly sided with Wall Street and blocked requests from Congress and the Obama administration to help struggling homeowners by reducing principal on loans to fair market value.1
But here’s the good news: Next week, during Congress’s recess, President Obama has the opportunity to make a recess appointment and replace DeMarco immediately. Let’s ask the President to do just that.
Tell President Obama to replace Edward DeMarco with a new director that won’t stand in the way of relief for homeowners.
Reducing principal on underwater mortgages to fair market value could create a million jobs and inject billions of dollars of badly needed revenue into the economy.2 Principal reduction has also been touted by economists and U.S. government officials as the best way to help homeowners who are underwater on their mortgages. With so much at stake, why is Ed DeMarco standing in the way of economic recovery and relief for struggling homeowners?
But it doesn’t end there.
A recent news investigation revealed that, under DeMarco, Freddie Mac invested billions of dollars in Wall Street securities that bet against homeowners’ ability to refinance their loans, while at the same time raising fees that made it harder for homeowners to refinance.
Let’s be clear: DeMarco isn’t just doing a bad job. He is actively working against the interests of American homeowners and the government’s efforts to help them. That’s an outrage, and it’s time for President Obama to replace him.
With enough signatures, we can send a message to President Obama and remove a major obstacle in our mission to get justice for homeowners.
Thanks for all that you do,
PICO National Network