Monday, March 5, 2012

The most powerful man in housing needs to be fired

Rebuild the Dream
Dear Dupage,
Image: Fire This Man (Edward Demarco)We've got some major developments in our campaign to get President Obama to fire Ed DeMarco, head of the Federal Housing Finance Agency.
DeMarco is the biggest obstacle standing in the way of badly needed relief for 11 million homeowners who are underwater -- meaning they owe more than their homes are worth.
The good news is, he's getting called out in big ways. On Wednesday, progressive leaders in Congress called on DeMarco to help underwater homeowners by cutting the principal on their loans.1 The same day, the business-friendly editors at Bloomberg News sharply challenged DeMarco's judgment on the issue of principal reduction.2 And on Tuesday, California Attorney General Kamala Harris asked DeMarco to halt foreclosures altogether until he seriously looks at solutions for homeowners, including principal reductions.3
We're glad to see more pressure on DeMarco. But we've got an even better idea for DeMarco: find a new job. And it's up to President Obama to make sure he does.
Sign the petition and ask President Obama to fire Ed DeMarco and appoint a new director.
DeMarco is a right-wing ideologue still hanging around from the Bush administration. Tasked with overseeing Fannie Mae and Freddie Mac, he single-handedly controls an agency that's responsible for over half of the mortgages in the country. He essentially controls the U.S. housing market, and yet few have ever heard of him.
He's got deep connections to the very banking industry that crashed the economy and defrauded millions of homeowners, and he's now holding those very same homeowners hostage to his radical right-wing ideas and his loyalties to Wall Street.
Instead of helping homeowners and the economy by working to prevent foreclosures, DeMarco seems to think his sole mission is to stop Fannie Mae and Freddie Mac -- who taxpayers bailed out after mismanagement -- from giving homeowners any sort of fair shake. He even deceived lawmakers by suggesting it would cost $100 billion to write down mortgage principals, while his own agency's estimates show that it could actually save more than $28 billion.4 And by blocking relief, he's driving the housing market even lower, hurting the U.S. economy as a whole.
Make no mistake -- Ed DeMarco is the number one obstacle to rescuing 11 million struggling homeowners and stabilizing the U.S. housing market. And it's squarely in President Obama's hands to do something about it. The president should fire Ed DeMarco and make a recess appointment to replace him with someone who will do the job right and look out for the interests of taxpayers and homeowners.
Tell President Obama to get rid of DeMarco and get on with justice for America's homeowners.
Thanks for helping to rebuild the dream,
Ian Kim

1. Co-Chairs Grijalva, Ellison Call for Justice for Underwater Mortgage Holders
2. Bloomberg News: Housing Chief Should See the Upside of Forgiving Debts
3. NY Times: Pressure Grows on Fannie and Freddie to Cut Principal on Loans
4. Cummings and Tierney Demand Answers from FHFA

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