“The biggest roadblock to our country’s economic recovery”
Re-Posted with permission from The New Bottom Line
Since early 2012, New Bottom Line has driven the campaign to get President Obama to dump Ed DeMarco, acting director of the Federal Housing Finance Agency. Today, the organization celebrated the news that the president finally made a nomination for the permanent director of FHFA. New Bottom Line also urges Congressman Mel Watt to support principal reduction at Fannie Mae and Freddie Mac in his new position, as well as supporting the vital role they play in ensuring homeownership and rental housing opportunities for all communities.
New Bottom Line’s #DumpDeMarco campaign helped drive Ed DeMarco, a virtually unknown appointee from the Bush administration, into being known as the “the biggest roadblock to our country’s economic recovery.”
During his tenure, DeMarco blocked needed and sound economic policies such as principal reduction, which in turn helped to drive millions of homeowners into unneeded debt and foreclosure while holding down our country’s economic progress.
“This is a good day for millions of homeowners and families across this nation and a big step in the right direction for our economy,” said Tracy Van Slyke, Executive Director of New Bottom Line and the director of the #DumpDeMarco campaign. “This victory is possible because of the thousands of people across this country who took on-and-offline actions over the last 16 months. We now encourage Congressman Watt to implement common-sense policies like principal reduction to bring relief to tens of millions of homeowners and to jumpstart the economic progress our country needs.”
The Alliance for a Just Society is a coordinating member of The New Bottom Line along with National People’s Action, PICO National Network and Right to the City. The Alliance and our partners played an active role in the national effort to remove Ed DeMarco.
Click on any of the affiliates listed below to see highlights of their great work over these last 16 months:
Now that the President has nominated Congressman Mel Watt, we encourage the Senate to conduct a speedy confirmation. We are hopeful Congressman Watt will show true leadership as head of FHFA and find relief for US homeowners.