Democrats Call for Head of Housing Regulator

Friday, 07 Oct 2011 11:29 AM

By Newsmax Wires

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House Democrats are ripping the Obama administration’s policy toward the foreclosure crisis and say the top overseer of mortgage financing giants Fannie Mae and Freddie Mac, Edward DeMarco, should quit if he can’t improve his performance, The Hill reports. DeMarco is acting director of the Federal Housing Finance Agency (FHFA), which is independent of the White House.

He conferred with 17 House Democrats Thursday and was supposed to inform them of FHFA’s plans to aid beleaguered home owners. Instead, he revealed that the agency has none.

“I said to him twice, ‘Mr. DeMarco, if you cannot do this job — or if you don’t feel like you’re capable of helping the people that we represent — maybe you should move to the side and let somebody else come and replace you,’” Rep. Elijah Cummings, D-Md., told reporters after the meeting. “That’s just fair.”



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