Victory for homeowners and our economy!
Victory! The Senate voted 57-41 to confirm Mel Watt to replace Ed DeMarco as the regulator for Fannie Mae and Freddie Mac.
For over 6 years, DeMarco has used his position as Interim Director of the Federal Housing Finance Agency (FHFA) to block Fannie and Freddie from reducing principal on struggling families' mortgages. He has ignored the mandate to invest in the National Housing Trust Fund. And he has been responsible for countless foreclosures and evictions.
Make no mistake, replacing DeMarco would not have happened without you. And the next step won't either. The job won't be done until the Mel Watt does everything in his power to prevent evictions and foreclosures for millions of Americans. That includes reducing principal on underwater mortgages, and investing in the National Housing Trust Fund.
With your help, we will keep the pressure on to keep families in their homes, and make it possible for us to keep organizing against foreclosures and evictions.
More must be done to reverse the devastating impact of the foreclosure crisis on homeowners and communities — particularly communities of color. Our communities have already lost $192.6 billion and they stand to lose an additional $220.7 billion if we don’t change course.