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
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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
10:30 am: 17,480 signatures 7,520 more 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!
“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.