Eminent Domain Embraced by California City; No Mel Watt Vote until September; Libor Lawsuits
“Come Home America!”
Since: Nov 11
Claymont, Delaware 19809
#1 Aug 9, 2013
Ed Demarco is helping Wall Street's aggressive moves to fight back against underwater homeowners and their local and state governments use of 'principle reduction' to save their homes from foreclosure. "President Obama has already fired Ed DeMarco, acting director of the Federal Housing Finance Agency (FHFA), but before he leaves DeMarco is handing an early Christmas present to his friends in the banking industry.
DeMarco is a renegade regulator who has failed to do his job to protect homeowners. Instead, he sees his job as protecting banks and investors.
DeMarco -- a Bush appointee who runs the agency that oversees Fannie Mae and Freddie Mac -- has opposed government efforts to help homeowners hurt by the Wall Street mortgage meltdown and the dramatic plunge in housing values.
So nobody should be surprised that on Wednesday the FHFA issued a statement warning that it would consider "legal challenges to any local or state action that sanctions the use of eminent domain to restructure loan contracts that affect FHFA's regulated entities."
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