The single largest obstacle to meaningful economic recovery is Edward J. DeMarco, a federal regulator of the Fannie Mae and Freddie Mac. He oversees 60% of the country's home loans. Regardless of expert advice to provide principal reduction to homeowners whose homes are underwater, DeMarco has personally blocked it. While DeMarco stands by, the 5 largest private banks are already agreeing to provide principal reduction to homeowners under the 50 state Attorney Generals' Settlement.
This obstacle not only affects the nation but to our friends, family, relatives, and neighbors. Mercy, a local San Jose, California resident and member of Most Holy Trinity Church, is an example of how DeMarco’s actions have affected homeowners around the nation. Mercy has been an upright citizen doing all of the necessary things by the book to live the American Dream. Mercy tried to get her mortgage modified but was presented with difficult options that have made her situation worse. Her financial institution has refused to help her modify her mortgage to allow her to stay in her home while making regular payments. Now she is struggling to find another way to stay in her home - the home that she and her family have treasured for many years.
It’s not just one person or a handful of people who are affected – in Santa Clara County, where San Jose is located, we have lost 45,000 homes to foreclosure. Of these homes, 2,500 are located in the same ZIP code as Most Holy Trinity Church.DeMarco’s actions have allowed Mercy and too many others in our community to be on the brink of being forced out of their home with no other alternative available to them.
You know someone like Mercy who needs our support and help in these difficult times. Our economy consists of many people like Mercy who have done everything right and tried to live the American Dream. But that dream is being shattered by DeMarco’s resistance to allow principal reduction on underwater mortgages.
85,000 petition signatures and a pink slip.
Rebuild the Dream and The New Bottom Line community leaders delivered to the FHFA 85,000 petitions and a pink slip calling on Ed DeMarco to commit to principal reduction, or get out of the way.
Lawmakers, community advocates, real estate professionals, and homeowners are calling on President Obama to fire Edward J. DeMarco! Be apart of the action to show your support and show how strong Silicon Valley is!
Thank you for signing the petition and helping to spread the word. We need to demonstrate how strong our Bay Area community is and what we know is the right thing to do.
For more information, visit:
PACT (People Acting in Community Together, San Jose): http://www.pactsj.org/issues?id=0003
America Underwater campaign: http://americaunderwater.org/
New Bottom Line article: http://www.newbottomline.com/the_new_bottom_line_and_rebuild_the_dream_launch_america_underwater
Huffington Post articles about Ed DeMarco:
Follow the New Bottom Line @ https://twitter.com/#!/NBLcampaign