Tag Archives: Federal Housing Finance Agency

Economic recovery would probably go smoother without Ed DeMarco

“The single largest obstacle to meaningful economic recovery is a man who most Americans have probably never heard of, Edward J. DeMarco,” said Peter S. Goodman, Business Editor at The Huffington Post.

Ed DeMarco is director of the Federal Housing Finance Agency (FHFA) where he oversees all Fannie Mae and Freddie Mac activity. His refusal on principal reductions has caused uproar and thoughts that he does not have the best interest of homeowners in need of help with foreclosure in his agenda.

Homeowners are heading into mortgage default left and right and property values are plummeting, leaving much of the country in need of mortgage rescue.

DeMarco’s refusal on principal reductions “has ensured that tens of millions of borrowers remain “underwater,” Goodman said.

Elijah E. Cummings, of the 7th congressional district in Maryland, seems to share Goodman’s views on a smoother economic recovery without DeMarco.

The foreclosure fraud settlement is predicted to barely help a fraction of those in need of help with foreclosure. DeMarco isn’t helping make any progress either. What’s the next step forward?

Call The Foreclosure Law Center today, for a FREE consultation. 1-888-600-5505

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Fannie and Freddie run up $110 million legal tab

A watchdog company has recently reported that Fannie Mae and Freddie Mac have run up a legal tab of $110 million, and taxpayers have paid at least $47 million of it, according to CNNMoney.

The totals could be, in fact, even higher. Many of these taxpayers are homeowners who need help with foreclosure and might have even been victims of deceptive foreclosure practices.

“The inspector general report focused on only one particular legal case against Fannie Mae, and isn’t an exhaustive account of the housing giants’ legal bills, reportedly more than $160 million,” according to a 2011 congressional hearing, CNNMoney.

In 2008, the two companies were taken over by the government and given “large cash infusions” to make up for their losses on mortgages they had owned and guaranteed.

Currently, between both companies, they are responsible for about two thirds of U.S. mortgages.

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