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Obama Faces Pressure From Left on Housing Regulator (DeMarco)
Wall Street Journal ^
| 07 February 2013
| Alan Zibel
Posted on 02/08/2013 2:53:22 PM PST by Lorianne
When will the White House finally have something to say about President Barack Obamas pick to run the FHFA?
That question is on the mind of 45 House Democrats. The lawmakers, led by Reps. Elijah Cummings (D., Md.) and John Tierney (D., Mass.), sent a letter on Thursday to President Barack Obama urging him to nominate a director of the Federal Housing Finance Agency-the federal regulator for Fannie Mae FNMA and Freddie Mac
We believe your re-election is a prime opportunity to put forth a new candidate who is ready and willing to implement all of Congress directives to meet the critical challenges still facing our nations housing-finance markets, the lawmakers wrote.
The agencys acting director, Edward DeMarco, has been criticized by Democrats on Capitol Hill, administration officials and liberal groups, all of whom have been calling on Mr. Obama to replace Mr. DeMarco.
Representatives for the White House and Mr. DeMarco were not immediately available for comment.
Why all the fuss about a seemingly obscure regulator? The most prominent area of conflict has been the FHFAs refusal to accept the Obama administrations offer to subsidize the cost of debt forgiveness for troubled homeowners.
(Excerpt) Read more at blogs.wsj.com ...
TOPICS: Business/Economy; Constitution/Conservatism; Government
Synopsis: House Dems want DeMarco out. More show over substance grandstanding.
".... Obama administrations offer to subsidize the cost of debt forgiveness for troubled homeowners."
What a nice fellow Obama is! He is offering to subsidize the cost of debt forgiveness out of his and his administration's own pockets! ... oh wait.
posted on 02/08/2013 2:53:29 PM PST
Obama's "community organizing" left Chicago neighborhoods in ruins.
Grim proving ground for Obama's housing policy Boston Globe 6-27-2008
"About 99 of the units are vacant, many rendered uninhabitable by unfixed problems, such as collapsed roofs and fire damage. Mice scamper through the halls. Battered mailboxes hang open. Sewage backs up into kitchen sinks. In 2006, federal inspectors graded the condition of the complex an 11 on a 100-point scale - a score so bad the buildings now face demolition."
posted on 02/08/2013 3:10:26 PM PST
(The irresponsible should not be leading the responsible.)
The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008. The Act gave FHFA the authorities necessary to oversee vital components of our countrys secondary mortgage markets Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD). With a very turbulent market facing our nation, the strengthening of the regulatory and supervisory oversight of the 14 housing-related GSEs is imperative. FHFA's mission is to provide effective supervision, regulation and housing mission oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks to promote their safety and soundness, support housing finance and affordable housing, and support a stable and liquid mortgage market. As of September 2010, the combined debt and obligations of these GSEs totaled $6.7 trillion, which is $2.7 trillion below the total publicly held debt of the USA. Freddie Mac and Fannie Mae also purchased or guaranteed 65% of new mortgage originations. Considering the impact of these GSEs on the U.S. economy and mortgage market, it is critical that we intensify our focus on oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Yeah, all of that and a nickel - you might be able to get on the bus.
posted on 02/08/2013 3:25:08 PM PST
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