On Friday,Sen. Debbie Stabenow (D-MI) called on President Obama to dump Acting Federal Housing Finance Agency Director Ed DeMarco and replace him with someone who supports principal reduction.
Senator Stabenow is the first Senator to publicly call for DeMarco's removal. In her letter to President Obama, Senator Stabenow writes,
Ensuring that FHFA follows Congressional directives to promote the most competitive, efficient, and resilient housing finance market possible is matter of great importance to both Michigan's and the nation's economy.For these reasons, I strongly urge you to nominate an FHFA director who is ready and willing to fulfill these duties and embrace sound policies that will move our housing recovery forward.
For more than a year, New Bottom Line been organizing with our members, affiliates, and allies to get President Obama to dumpEd DeMarco – a Bush administration holdover who has been single-handedly driving millions of families into foreclosure and undermining economic progress. AIR-MOP, a member of National People's Action and part of the New Bottom Line’s Dump DeMarco campaign met with Sen. Stabenow about the damage that DeMarco's dangerous and irresponsible opposition to principal reduction has done to communities in her district and across the nation.
In his position at FHFA, DeMarco oversees Freddie Mac and Fannie Mae and has refused to allow the agencies to participate in principal reduction, even though it has been proven to prevent foreclosure and promote economic growth.
Sen. Stabenow's leadership on this issue is an exciting step towards ending unnecessary foreclosures and winning economic progress for her constituents and the rest of the country.