Simple, effective, bipartisan supported mortgage relief for 30 million families to help them keep their homes could be accomplished by adjusting home loans to within fair market values. These loans were chosen by families who trusted in federally endorsed Fannie Mae and Freddie Mac. These are their homes that they want despite being upside down on their mortgages. Such an act would be a major stimulus and prevent lowering of everyone else's home values in the bargain. One Obama backed decision-maker has been obstructing this leveling of mortgage rates. Now is the time to tell Obama to fire Ed Demarco if he cares enough to get your vote and campaign support.
Fire Ed DeMarco and make a new appointment over the recess.
He refused allow a mass refinancing of mortgages, granting a reprieve to families that are underwater (that is, owe more than their homes are worth). The vast majority of mortgages backed by Fannie and Freddie are paying interest rates above 5 percent, well above current interest rates of about 4 percent. If the mortgages were refinanced, that’s a substantial amount of money that each of the 30 million families with Fannie or Freddie mortgages would save on their payments every month. The effect could be a substantial stimulus, one which members of both parties support.