House Democrats Ask Obama to Replace Fannie Mae Regulator
This article is for subscribers only.
A group of House Democrats is urging President Barack Obama to nominate a permanent director for the Federal Housing Finance Agency to replace an acting chief they say is standing in the way of aid for struggling borrowers.
The 45 lawmakers led by Representative Elijah Cummings of Maryland, the top Democrat on the House Oversight and Government Reform Committee, said in a letter to Obama that FHFA Acting Director Edward J. DeMarco should be removed because of his refusal to use U.S.-owned mortgage firms Fannie Mae and Freddie Mac to provide loan modifications including principal reduction.