Foreclosures rage on throughout the nation and California Congressional Democrats are taking a stand. Last week, several House members met with Edward DeMarco, Acting Director of the Federal Housing Finance Agency, to express their concerns with the administration’s halfhearted attempts to stem the crisis. The outcome was disappointing.
Democrat Anna Eshoo of Palo Alto described DeMarco’s engagement in the meeting as “tepid and defensive.” When asked whether he had ever met a family trying to save their home from foreclosure, DeMarco admitted that he hadn’t.
The state legislators opted to take their case directly to President Obama. Thirty-two House Democrats from California signed a letter to President Obama, asking that Fannie Mae and Freddie Mac allow homeowners to refinance their mortgages at lower rates. Criticism of the administration’s efforts in such a public way was a bold move on the part of members of the president’s own party. NCLR understands that such actions are critical during times of crisis, even if that means one stands alone.
In the past, NCLR has had to make similarly tough calls. We know what it’s like to stand alone in defense of better policy. We commend these House legislators for demanding a stronger response to foreclosure prevention. Hopefully they will find success in securing help for their families—those who are among the hardest hit in the ongoing crisis.