DeMarco Out; Jim Carr Stirs Up Conversation
Posted by Miriam Axel-Lute on October 25, 2012
Jim Carr, who published his bold vision for restructuring the housing finance market here earlier this week, is making waves with it, getting conversation stirred up about why housing, foreclosures, and housing finance reform are not campaign issues, such as in this PBS Newshour segment from last night. It's a topic we, along with the tireless folks over at Home for Good, have been talking about for many months, of course, and we're happy to see it gain some traction even at this late date.
And even though the topic didn't make it into the debates, one side at least has finally made a bold promise that affects how we handle foreclosures and underwater homes going forward.
In big, big news, the Financial Times is reporting that if President Obama is re-elected, FHFA Acting Director Edward DeMarco will be out. For much of this year, adovcates have been calling loudly for DeMarco's removal for being the primary roadblock to principal reduction modifications of Fannie and Freddie held loans. They have had the support of many, including Paul Krugman, and perhaps even Tim Geithner.
Seems like maybe they were heard. Another reminder of the power of an organized voice.
(Photo CC BY-NC-ND, Michael Premo.)
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Miriam Axel-Lute is editor of Shelterforce and associate director of the National Housing Institute. Her email is miriam at nhi dot org.