Wednesday, March 28, 2012

BREAKING: Fannie and Freddie change course for homeowners

Rebuild the Dream
Dear Dupage,
We have big news. NPR is reporting that the Fannie Mae and Freddie Mac are on the verge of reversing their positions and coming out for principal reductions for homeowners, the number one solution for the mortgage crisis. [1]
But there's a problem: Ed DeMarco, head of the agency that oversees Fannie and Freddie, could squash this solution. He's been denying the proven financial benefits of principal reductions for homeowners, taxpayers, and the country. And until now, DeMarco claimed Fannie and Freddie agreed with him. But no more. According to the report, financial executives at Fannie and Freddie have now made presentations coming out in support of this important solution. [2]
Ed DeMarco's got nothing to stand on. This is the moment we've been waiting for. The question is: Will DeMarco get out of the way and let it happen? We're not waiting to find out. We're going to demand it.
We've started a petition on the White House website asking President Obama to take action now, and we need you to add your name.
Sign our 'We the People' petition and tell President Obama: It's time for principal reductions, with or without Ed DeMarco.
Signing a petition on the White House website is a special way to get President Obama's attention. In fact, if more than 25,000 people sign it, then the White House is obliged to make an official response.
DeMarco is a right-wing ideologue and the most powerful man you've never heard of. He's the acting director of the Federal Housing Finance Agency, which oversees the mortgage giants Fannie and Freddie. DeMarco has been peddling his denial of the effectiveness of principal reductions for way too long. But now that even Fannie and Freddie disagree with him, the case is closed and it's time for DeMarco to end his right-wing crusade.
We -- along with a broad range of economists, leaders, and government agencies -- have been saying it all along. Principal reductions allow homeowners whose homes are worth less than their mortgages to stay in their homes and keep paying their mortgages. It's a solution that could play a major role in pushing the housing market toward recovery, giving a big boost to our economy as a whole.
Fannie and Freddie's reversal is big news, but until we see it happen, we can't let up. It's time to let the White House know that with or without DeMarco, principal reductions need to happen right now. The president has the power to fire DeMarco and replace him via a recess appointment.
Sign the White House petition now and tell President Obama we won't wait any longer.
Note that you'll need to create an account on the website in order to sign. It's an extra step, but it's worth it.
We'll keep you updated on the story. In the meantime, we've got to keep the pressure on.
Ian and the Rebuild the Dream team

[1] Fannie, Freddie Consider Mortgage Write-Downs
[2] Fannie and Freddie: Slashing Mortgages Is Good Business

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