Save Struggling Homeowners: Tell Obama to Fire Edward DeMarco

In the last month, thousands of people, including the head of the Mortgage Bankers Association, have called on housing finance regulator Edward DeMarco to reduce mortgage principal for struggling homeowners.


Fair-minded experts from across the ideological spectrum have agreed that reducing the principal of mortgages for struggling homeowners will save taxpayers billions and keep people in their homes. Even major banks have agreed to make principal reduction a key part of recent foreclosure fraud settlements. DeMarco, however, refuses to act.

President Obama has the power to change the situation. Act now to tell Obama to fire DeMarco and replace him with a recess appointment who will act swiftly to prevent foreclosures and bolster the economy by reducing mortgage principals for struggling homeowners.