We need to focus on keeping families in their homes, providing children stability, and restoring trust and respect between families and banks, law enforcement, and our government. "Hands Up. Don't Foreclose."
This settlement sends a strong message that banks that prey on customers and investors will be held accountable. I will continue to investigate financial institutions that bend the rules for their own benefit, and pursue equal justice for all New York families.
Ed DeMarco's continued ideological opposition to principal reduction -- also known as resetting mortgages to fair market value -- has made him widely known one of the biggest obstacles to our country's economic progress.
Wednesday's night debacle of a debate hurt on many levels, not just because of of the failures of moderator Jim Lehrer, but because of our presidential candidates. I don't care who the pundits say won the debate, because in the end, the sad fact is that the American people lost.
We are looking to the candidates who wish to be our nation's next president to tell us, the American people, how they are going to fix the housing crisis and restore our economy. It's time they speak out.
Less than 80 days away from the 2012 presidential election, we face a unique moment in time. We have an opportunity to stand up for underwater homeowners across America -- and in so doing, fix the housing crisis and save the economy.
Edward J. DeMarco, the head of the Federal Housing Finance Agency (FHFA), has announced that Fannie Mae and Freddie Mac will not offer principal reductions as an option to prevent foreclosures on the loans they guarantee.
Ed DeMarco is overdue on his promise to tell whether he will reverse his stubborn opposition to principal reduction -- a practice that allows underwater homeowners to refinance their mortgages at the real value of their homes.