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How FHFA Leadership Change May Impact Your Business

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edward demarcoAccording 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…


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