State Attorneys General: Replace DeMarco

HousingWire informs MHProNews a letter from prominent state attorneys general is calling on President Obama to replace Edward DeMarco, the acting head of the Federal Housing Finance Agency (FHFA), because they say his policy of refusing to allow principal reductions on loans backed by the GSEs that could result in loan modifications now leads to more foreclosures. The groups letter states, “It is far more profitable for any financial institution to hold a portfolio of performing $200,000 mortgages that keeps families in their homes than a portfolio of nonperforming $250,000 mortgages headed toward default.” Headed by Mass. Attorney General Martha Coakley and New York’s AG Eric Schneiderman, the letter says Fannie Mae and Freddie Mac could be partners in addressing underwater mortgages but instead are impediments to foreclosure prevention.

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