In Advance Of Congressional Testimony, Campaign To Dump DeMarco Heats Up

New Petition From Homeowner Who Is About To Lose His Home Gains Momentum, Groups Ask Obama Administration To Act Quickly And Dump DeMarco Senator Stabenow, State Attorneys General and 45 Members of Congress Call for a New FHFA Director With Acting Federal Housing Finance Agency Director Ed DeMarco set to testify tomorrow before the House Financial Services Committee, progressive groups have a simple message for President Obama: It is time to dump DeMarco.

DeMarco, a holdover from the Bush Administration, is the acting director of the Federal Housing Finance Administration (FHFA), which oversees Fannie Mae and Freddie Mac. Between those two entities, they control more than half the mortgages in this country.

The campaign to Dump DeMarco, which is being run by New Bottom Line, has been heating up for months. Last week, a petition was started from homeowner Ramon Suero, who is about to lose his home because DeMarco is blocking Fannie Mae and Freddie Mac from providing principal reduction to underwater homeowners. In the last few days, the petition has received more than 1,800 signatures.

You can see the petition here: http://signon.org/sign/ed-demarco-dont-kick?source=c.url&r_by=6987808  On Friday, Senator Stabenow (D-MI) joined 45 Members of Congress in urging the Obama Administration to dump DeMarco. Yesterday, eight Attorney Generals, including New York Attorney General Eric Schneiderman, Massachusetts Attorney General Martha Coakley and Illinois Attorney General Lisa Madigan sent a letter to President Obama asking him to dump DeMarco.

DeMarco opposes principal reduction— resetting mortgages to fair market value — even though it has been documented by both Fannie and Freddie that this is a good policy for both homeowners and taxpayers. Principal reduction is the bold and fair policy we need at Fannie, Freddie and through the banks to fix the housing crisis, rebuild our communities, create jobs, and reset the economy.

“In tomorrow’s hearing, Congress members must hold DeMarco accountable for his destructive actions. Millions of families are being kicked out of their homes and communities destroyed because of this one man,” says Tracy Van Slyke, director of The New Bottom Line. “Meanwhile, the White House must finally act. This Bush appointee has been in charge for four years too long. It’s time they dump DeMarco and move for a permanent director who will support principal reduction and work for homeowners and taxpayers.” On Friday, numerous media outlets reported that the Administration might finally be moving forward in announcing a nominee. Housing advocates from across the country will be watching the hearing closely and demanding that Congress hold DeMarco responsible for his failed policies.