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The Senate Banking Committee testimony Thursday from Ed DeMarco, acting director of the Federal Housing Finance Agency, who said that the agency's ongoing efforts will be incomplete until Congress lays out a plan to bring the private sector back to the market.
April 18 -
Federal law gives President Obama the ability to remove the Federal Housing Finance Agency's acting director and replace him with one of three deputies, New York Attorney General Eric Schneiderman's office concludes.
April 12 -
Edward DeMarco, acting director of the Federal Housing Finance Agency, all but begged lawmakers on Tuesday to begin the process of reforming the nation's housing finance system, saying Fannie Mae and Freddie Mac have been in conservatorship for far too long.
March 19
WASHINGTON — Hundreds of protestors showed up late Sunday afternoon at the home of Edward DeMarco, acting director of the Federal Housing Finance Agency, calling for an end to his tenure with an already penned resignation letter awaiting his signature.
Carrying 15-foot puppets of DeMarco's likeness and signs reading "Save Our Homes" and "Dump DeMarco," 500 protestors demanded his resignation and asked President Obama for a new director that would support widespread principal reductions.
"Ed DeMarco has blocked mortgage relief for millions of American families, and President Obama's lack of action to remove and replace Mr. DeMarco makes him and his administration complicit in this great tragedy," said George Goehl, executive director of National People's Action, according to a press release. "President Obama needs to remove Mr. DeMarco immediately and replace him with a director who supports principal reduction as a means of keeping families in their homes."
DeMarco has been under immense pressure by the administration and lawmakers to allow Fannie and Freddie to wash away portions of homeowners' mortgages that are currently underwater in order to prevent foreclosures.
The acting director has resisted pursuing principal reduction as a tool to prevent foreclosure for American families, arguing instead there are other methods like reducing interest rates, extending the term of the loan, and placing the underwater portion of the principal of the loan into forbearance that are better alternatives.
On DeMarco's lawn, protestors chanted: "What are we? Sick and Tired: We want Ed DeMarco fired!"
Protestors conveyed their frustration at banks' willingness to kick homeowners out of their home.
"I got behind on my payments when my house was underwater, and my bank refused to negotiate. But when a new law was passed in my community charging banks $10,000 per foreclosure, my bank finally decided they could negotiate," said Hattie Wilkins, a teacher from Youngstown, OH, according to the press release.
