The good people at Rebuild the Dream tell us,
DeMarco is the Bush appointee who has been dragging his heels and blocking Fannie Mae and Freddie Mac from engaging in targeted principal reductions (resetting home loans to fair market value) for struggling, underwater homeowners on the grounds that it would cost the taxpayers too much.
Today, two things happened. First, FHFA produced a study that said principal reductions would actually save taxpayers more than a billion dollars. And then DeMarco announced that he still wouldn’t allow any principal reductions!
(Sign the petition to) tell President Obama: If DeMarco won’t change his mind, he needs to change jobs. Fire him now!
Sources:
1) “Regulator Rebuffs Obama on Plan to Ease Housing Debt,” NY Times 7/31
2) “Letter from Secretary Geithner to Acting FHFA Director DeMarco,” U.S. Treasury Department 7/31
Why bother? Obama could replace him if he wanted too. Better that we dont vote for obama again he fucked us all and only cares about wall st.