Representatives Mike Thompson (CA-1), Zoe Lofgren (CA-16) and Anna Eshoo (CA-14) led a group of 25 California Members of Congress in calling on President Barack Obama to address the housing crisis and appoint a Director of the Federal Housing Finance Agency (FHFA). The FHFA, which oversees mortgage backers Fannie Mae and Freddie Mac, has been without a permanent director for two and a half years.
"For far too long, partisan politics in the Senate have prevented the FHFA from having a permanent Director who can effectively address our nation's housing crisis," said Thompson. "Families are living paycheck to paycheck, struggling to keep roofs over their heads. Doing nothing is not an option. We need an FHFA Director who is willing to help Americans get out of this housing nightmare."
Representative Lofgren said, "Republicans in the Senate have been playing games with the American people by blocking the Federal Housing Financial Authority from having a proper leader. These are difficult times and we need to be doing everything we can to prevent foreclosures and keep families in their homes. I urge President Obama to take immediate action and appoint a permanent director."
"Our national economy cannot fully rebound unless and until housing is addressed. The current situation of foreclosures is unacceptable," said Eshoo. "That's why President Obama should appoint a permanent Director of the Federal Housing Finance Agency immediately."
In California, more than 2 million homeowners are considered "underwater" because they owe more on their homes than their homes are worth, which equals 30 percent of all California homes with mortgages.
In a letter to President Obama, Thompson, Lofgren, Eshoo and other California Members of Congress wrote, "The FHFA regulates and oversees Fannie Mae and Freddie Mac, which together hold 70 percent of mortgages in the US. The current economic crisis began in the housing market and our economic recovery is dependent on the important work pending before the FHFA. It is time to move forward and put in place a permanent FHFA Director."