It's been almost a month since many of you first signed our petition to fire Ed DeMarco, head of the Federal Housing Finance Agency (FHFA), for blocking help to millions of underwater homeowners. Over the weekend, a number of important thinkers, writers, and economists joined the ranks - everyone is calling on DeMarco to change his view on principal reduction, or let someone else call the shots. DeMarco has proven who he sides with - the 1%, Wall Street, and the mortgage agencies that caused the housing crisis. But Americans can't wait any longer for DeMarco to allow principal reduction, which has been identified as the best way to help homeowners and lift up the housing market.
Representative Barney Frank (D-MA) joined a slew of other Democrats calling for DeMarco to leave his position. "He's acting as if he was head of two private companies called Fannie and Freddie and not taking into account the impact this has on the economy, and I think he should be more cooperative with efforts to reduce foreclosures." When asked if DeMarco should resign, Frank said, "Yes. … Since he won't be more flexible, yes." Business editor of the Huffington Post, Peter Goodman, called DeMarco's refusal to allow principal reduction "grounds for firing," naming DeMarco as, "the single largest obstacle to meaningful economic recovery... who most Americans have probably never heard of." And as we reported earlier today, another Huffington Post article says it's time to "Take a Load Off, Fannie: Principal Reduction Is Overdue." David Abromowitz of Center for American Progress says that principal reduction is not only good for avoiding a wave of "economy-crushing" foreclosures, but "because millions of underwater mortgages are controlled by the government, it's also good public policy." Abromowitz says it's time for DeMarco to reassess his stance on principal reduction, so that we can move forward and mend the biggest drag on the economy - the housing market. Meanwhile, as if that isn't enough evidence that this campaign is picking up steam, Washington Post reported that "Liberal advocates want Obama to dump FHFA’s DeMarco". The article cites Rebuild the Dream advisor Ilyse Hogue: "'He is the number one obstacle to. . .helping the economy recover,'according to Ilyse Hogue, from Van Jones’ Rebuild the Dream. Together with key members of the Congressional Progressive Caucus and underwater homeowners, liberal advocates from Rebuild the Dream and other liberal advocacy groups delivered a petition with 85,000 signatures to the FHFA calling on President Obama to fire DeMarco." If you haven't yet signed the petition or shared with your friends and family, be sure to visit the page here.
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