Statement of Edward J. DeMarco, Acting Director
Federal Housing Finance Agency
Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
On the State of the U.S. Housing Market: Removing Barriers to Economic Recovery
February 28, 2012

Chairman Johnson, Ranking Member Shelby and members of the Committee, I am pleased to be invited here today to discuss the actions the Federal Housing Finance Agency (FHFA) has taken or will take in our role as Conservator for Fannie Mae and Freddie Mac (the Enterprises) to aid recovery of the U.S. housing market.

In my testimony, I will respond to the Committee’s request for a description of FHFA’s work as Conservator of the Enterprises to address barriers to housing recovery, including our leadership role in preventing foreclosures through loss mitigation, facilitating refinancing at today’s low interest rates, and initiating a real estate owned (REO) program to address the supply of foreclosed homes.

Full testimony below…

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4closureFraud.org

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On the State of the U.S. Housing Market: Removing Barriers to Economic Recovery