Ruby Brown of Minneapolis says that for the past four years, she has been "struggling to keep Bank of America from taking my home," trying to convince the bank to reset the principal on her mortgage to its current market value. But the bank has refused, and she fears marshals will be coming to evict her any day now.
If enough of us demand it, we can get the White House to answer a simple question: Will you or will you not stand with underwater homeowners and push for principal reductions—even if it means pushing aside the agency chief who is opposing that remedy? more »
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Edward DeMarco is the beleaguered bureaucrat in charge of an agency called the Federal Housing Finance Agency. And because the FHFA is now managing Fannie Mae and Freddie Mac, DeMarco's in charge of most American mortgages. He's been the target of resignation demands for weeks. more »
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Two weeks ago we called on top housing finance regulator and Bush administration holdover Edward DeMarco to reduce mortgage principal for struggling homeowners. “Move or be removed,” we said. Thousands of you responded. more »
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Key voices on Capitol Hill today echoed the message that underwater homeowners need the principal on their mortgages reduced, and that the government official responsible for keeping that from happening should either change his position or step down from his post.
The other day we appeared on Sam Seder's program, The Majority Report, to discuss the radical-right ideology of Edward DeMarco, a Bush appointee who became Acting Director of the Federal Housing Finance Agency (FHFA) and continues in that role because Congress won't confirm President Obama's nominee.
propublica.org — Citigroup agreed yesterday to pay $158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi's mortgage department, said the company actively undermined the process that was supposed to check for fraud in order to push through reckless loans and get higher profits. The suit itself makes for good reading. We've pulled out the juiciest bits, and explain just what Citi appears to have been doing.
The year is 2027. President Peace N. Love lost his re-election bid three years ago,after the disaster created by his military and intelligence cuts turned millions of Americans into homeless refugees. more »
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