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A Vote for Sanity

CEOFrom the Desk of the President & CEO:

I was pleased to see the Senate failed to move forward with the nomination of Rep. Melvin L. Watt (D-North Carolina) to lead the Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac.

Acting Director Edward DeMarco has led the agency with success since August 2009 and is pursuing policies that strongly support the best interest of our nation’s housing economy. Most importantly, DeMarco has been a steady hand in times of uncertainty—remaining true to the independent status of the agency while avoiding undue political influence and partisanship.

DeMarco has stood up for the American taxpayer by blocking principal reductions on negative-equity loans held by the GSEs. And under DeMarco’s leadership, Fannie Mae and Freddie Mac are now profitable, and the government footprint in securing mortgages is shrinking.

A change in direction as our housing market is coming back would be wrong. We need stability, not a shakeup, and I encourage our leaders in Washington, D.C. to support Ed DeMarco and allow him to continue to fulfill the clearly defined and critically important mission of his office—to ensure the safety and soundness of the GSEs in support of reliable and affordable housing finance options for the American people.

edsig
Ed Delgado
President and CEO
The Five Star Institute


 

  • Blake Stepan

    I agree. Now is not the time to make such a major change

  • An agent for FM

    One of the reason Freddie and Fannie are now profitable or showing a better bottom line is they have lowered commissions for the agents who manage their properties.On top of that each agent has to be responsible for up to 5 K of repairs for the properties and then wait to be reimbursed for as long as 6 months. Any entity can be profitable if they can borrow money interest free for their operating capitol, make someone else “pay their bills” and pay well below minimum wadge to the people who work on their behalf.
    Dig deeper into the whole process and you will see so many abuses on Freddie Mac and Fannie’s operations. Maybe Demarco needs to look at everything these 2 entities do. They are still shifting the debt responsibility on to the private sector, They just found a different way to do it,

  • Nhoj Yorlik

    Weak argument. Fannie and Freddie are great to work with.