Wow. After Ed DeMarco announced that he would block any plan helping millions of homeowners through principle reduction, Rebuilders stood up. Over 115,000 have signed our petition calling on President Obama to fire Ed DeMarco and over 25,000 have signed up in the last 24 hours! Check out the email by our CEO, Natalie Foster, and join the call: Fire DeMarco!
Rebuilder, Remember Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), which regulates the government mortgage giants Fannie Mae and Freddie Mac? He's back in the news. DeMarco is the Bush appointee who has been dragging his heels and blocking Fannie and Freddie 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!1 Tell President Obama: If DeMarco won't change his mind, he needs to change jobs. Fire him now! Almost 90,000 of you have already called for DeMarco to be fired. And President Obama is listening -- his administration has pushed DeMarco to drop his opposition and offered the Treasury Department's help to Fannie and Freddie in making it all work. Today, Secretary Geithner even released a letter challenging DeMarco's logic and calling on him to change his mind.2 It's important to know we've got allies in the White House. But while homeowners are still struggling to hang on to the homes where they've built lives and lasting memories... it's just not enough. DeMarco needs to go. DeMarco is now officially out of arguments. Principal reductions are the most direct way of helping people whose home values plummeted after the banks crashed the economy, but are left owing those same banks thousands more than their homes are worth. They would save taxpayers money by preventing losses from default and foreclosure. The program is already designed to weed out people who don't really need help -- in fact, the bigger problem is that it's not broad enough! And most importantly, this would keep families from losing their homes! This is nothing more than callous, cold-hearted opposition to something that would help millions of real people instead of banks. Add your name now. This fight over homeowners is the epicenter of the huge debate going on in our nation today. At question is whether our government works for big banks, or for the middle class... and we need our leaders to pick the right side. Let's go, Natalie and the rest of the Rebuild the Dream Team 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.
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