California Coalition Calls for Changes to FHFA Foreclosure Policy or Resignation of DeMarco

by National Mortgage Professional
Monday, April 23rd, 2012

Ninety-seven California community groups, led by the California Reinvestment Coalition (CRC), have submitted a detailed comment letter to Acting Federal Housing Finance Agency (FHFA) Director Edward J. DeMarco demanding changes to the FHFA's foreclosure policies, or his immediate resignation. The 97 groups are united in their concern about homeowners and tenants being displaced by FHFA's damaging policies. The coalition believes that the FHFA, under the guidance of DeMarco, has failed to prioritize the needs of homeowners who are struggling to make their mortgage payments. As the conservator of Fannie Mae and Freddie Mac, FHFA controls nearly 60 percent of all home loans nationwide.