More than two dozen Democratic congressmen from California are calling on President Obama to use a recess appointment and replace Federal Housing Finance Agency acting director Edward DeMarco with a new regulator who will help prevent foreclosures.
"Installing a permanent Director…will allow the FHFA to move forward to make key decisions that will help keep families in their homes and improve our economy," according to a letter signed by 28 members of the California congressional delegation.
Rep. Dennis Cardoza, D-Calif., noted that FHFA under DeMarco's leadership has "consistently and erroneously interpreted its mandate far too narrowly and has failed to take adequate action to help homeowners."
Rep. Cardoza has meet with DeMarco several times to press the need for more aggressive actions to address the housing crisis.
"Although implementing a far-reaching refinancing program is within the agency's authority, thus far Mr. DeMarco has been unwilling to do so," Cardoza said.
