Oversight Committee Democrats are focused on preserving home ownership, getting America back to work, ensuring quality, affordable health care, and giving all students access to a high-quality education.
Our aggressive agenda works to root out waste, fraud and abuse in government spending, enhance transparency, and ensure that the needs of Americans are put ahead of corporate special interest.
We are committed to supporting our troops and veterans, protecting American consumers, and safeguarding national and homeland security.
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|Members of Congress Demand Answers from FHFA Director DeMarco on President’s Mortgage Refinancing Proposal|
Below is a copy of the letter.
September 15, 2011
Mr. Edward DeMarco
Dear Acting Director DeMarco:
On behalf of more than two dozen Members of Congress, we are writing to request a meeting with you regarding the President’s proposal to help responsible American families avoid foreclosures by refinancing their mortgages at historically low interest rates.
As you know, we met today with career officials from your office who discussed various “impediments” to implementing the President’s proposal. In response to our questions, they also explained that since they are not political appointees, they were not in a position to make high-level decisions about these issues. They emphasized, however, that you are personally committed to addressing these issues.
Along with other Members who attended today’s meeting, we expressed our profound frustration with the apparent lack of urgency shown by your agency and by agencies within the Administration in addressing the foreclosure crisis. As economist Mark Zandi has observed, “housing is ground zero for the economy’s problems, high unemployment, and lost jobs.” We made very clear that we want action now, and that the President’s address was a call to action—to Members of Congress, the Administration, the banking community, and independent agencies like yours. It quickly became obvious, however, that a meeting directly with you is necessary.
We look forward to hearing about your availability to meet with us to discuss how to overcome the “impediments” you have identified in order to implement a large-scale, comprehensive refinancing program that helps the greatest number of American families in need.
Committee On Oversight and Government Reform
U.S. House of Representatives | 2471 Rayburn House Office Building | Washington, D.C. 20515 | (202) 225-5051