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.
President and CEO
The Five Star Institute