Last week Nevada Attorney General Catherine Cortez-Masto once again stood up for Nevada homeowners and victims of the foreclosure crisis and urged the White House to replace Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA).
DeMarco refuses to implement the White House’s principal write-down program for Fannie Mae and Freddie Mac backed home loans; the program could prevent foreclosure, keeping more Nevadans in their homes.
FHFA is critical because it oversees Fannie Mae and Freddie Mac, which hold more than half the mortgages in this country. Their purpose is to allow all people to access affordable housing, not just the wealthy. But instead of people being able to remain in their homes, DeMarco’s actions are driving millions of homeowners into unnecessary debt and foreclosure.
DeMarco is a holdover appointee from the Bush administration. Five years after the big banks crashed our economy, DeMarco is punishing millions of homeowners and holding back our country’s economic recovery as he continues to oppose sound and fair policies that will help millions of homeowners and our economy.
“Nevada has been devastated by the housing and foreclosure crisis. Too many homes remain underwater,” said Nevada Attorney General Catherine Cortez Masto. “We need to implement principle write-downs by Fannie Mae and Freddie Mac. This is a critical step in helping our state recover from the economic slump.”
Attorney General Cortez-Masto is seen as a leader nationally for her efforts to keep Nevadans in their homes by not just advocating principal write downs, but going after mortgage service companies and banks who victimize Nevada homeowners, and participating in the 50 state settlement to provide much needed relief to Nevada’s underwater homeowners.
If you are an underwater homeowner in Nevada check out the Attorney General’s ‘Home Again’ program, to see what state or federal assistance you qualify for.
You can take action right for Nevada’s underwater homeowners right now: Tell President Obama: Make Ed DeMarco call 10 homeowners a day and immediately nominate a new director to replace DeMarco.