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According to the Wall Street Journal and a number of other credible sources, FHFA acting Director Edward DeMarco is on his way out.
DeMarco, appointed by President Obama as acting director in August 2009, has garnered the ire of Democrats in Washington because of his rejection of an Administration plan to create a national mortgage principal forgiveness program. Reports indicate the President may replace him as early as January.
Overall, Mr. DeMarco’s leadership of FHFA has been stellar. He has taken strides to protect taxpayers from the bottomless pit that are Fannie Mae and Freddie Mac, and worked extensively to promote private market solutions to both generate a housing recovery and resolve the Fannie/Freddie crisis. My organization, the Distressed Property Coalition (DPC), worked with FHFA to create a new national short sale program which brought certainty and profit back into the short sale investing market.
When Congress created FHFA, the mandate for the agency was clear: protect taxpayers…
John Grant
is the president of the Distressed Property Coalition, a private advocacy effort formed by the top leaders in the residential real estate industry, and dedicated to private market solutions, smaller government, and protecting taxpayers. DPC exists because investors deserve an easier path to buy and sell houses. Investors deserve to shape policies that govern them, not to be subjected to them. Investors deserve better information on current laws and policies. Investors deserve a safe environment to learn more about the industry. DPC is dedicated to providing these services to the residential real estate community. Their content and track record of success in Washington are unprecedented for this industry.
To received Mr. Grant’s policy briefings and newsletter, please visit www.distressedpropertycoalition.com