Housing agency chief blocks aid to struggling homeowners, say House Dems
By Bloomberg News
Published: Thursday, Feb. 7, 2013, 7:48 p.m.
WASHINGTON — A group of House Democrats is urging President Obama to nominate a permanent director for the Federal Housing Finance Agency to replace an acting chief they say is standing in the way of aid for struggling borrowers.
The 45 lawmakers led by Rep. Elijah Cummings of Maryland, the top Democrat on the House Oversight and Government Reform Committee, said in a letter to Obama that FHFA Acting Director Edward J. DeMarco should be removed because of his refusal to use federally owned mortgage firms Fannie Mae and Freddie Mac to provide loan modifications including principal reduction.
“Ensuring that FHFA implements congressional directives to support the most liquid, efficient, competitive and resilient housing finance markets is a matter of national urgency,” the lawmakers wrote in the letter on Thursday. “For these reasons, we strongly urge you to nominate an FHFA director who is ready to fulfill this mission and address the many challenges still facing the nation's housing finance markets.”
The letter reflects a renewed effort by Democratic lawmakers and consumer advocates to get Obama to replace DeMarco, a career civil servant who inherited the job of overseeing Fannie Mae and Freddie Mac in 2009. Senate Republicans in 2011 blocked Obama's nominee for the post, former North Carolina banking regulator Joseph Smith.
The White House has been actively seeking potential candidates for the job in recent months.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Satanists want to build monument
- CMU grad, hiking accident survivor Ralston arrested in Colorado
- ‘Singin’ in the Rain’ suit headed for block
- Air Force allegedly uses spy system of cadet informants to counter misconduct
- Fearful experiences passed on in mice families, study finds
- GOP unlikely to block ban on plastic guns
- Snowstorm silences north Texas
- Suspense builds for pipeline report
- 44,000 Cuban migrants arrive in U.S. in fiscal year ’13
- Deal near on federal spending proposal
- Feds curtail paper applications for health care law