Today, Congresswoman Yvette D. Clarke, a member of the Congressional Progressive Caucus (CPC), joined a broad coalition of congressional members, housing advocates and with homeowners with underwater mortgages to call on Edward DeMarco--the Acting Director of the Federal Housing Finance Agency--which oversees Fannie Mae and Freddie Mac, to write down principal amounts for struggling homeowners.
"Let me thank Congressman Keith Ellison and Congressman Raul Grijavala for being such diligent fighters on behalf of our nation's homeowners. Good afternoon everyone. To all of the activists here present, to those who have come to awaken the consciousness of our nation about the grave injustice and I believe one of the most important social justice issues of our time which is the widening gap the insensitivity and the power trip of the wealthy on the backs of those who have continued to build this nation, our home owners.
"I join the rest of my colleagues, this broad coalition of supporters and the families here today affected by these underwater mortgages in calling for the Director of the Federal Housing Finance Agency, Edward DeMarco, to direct Freddie Mac And Fannie Mae to write down mortgage principal amounts. And if he can't see fit to do what is right by the people of the United States of America, then we don't see it fit for him to remain in that post. His behavior is not indicative of what we know this administration stands for. The Obama administration has stood on the side of those who are struggling in our communities, who have been triumphant in bringing forth healthcare reform it is now time for housing reform.
"According to the Federal Reserve Bank of New York's 2011 research, families in my Congressional District are facing foreclosure rates of 16 percent to 21 percent of outstanding mortgages - 16 to 21 percent.
"These stats also show that 90 plus day delinquent rates continue to rise among families not in foreclosure, suggesting that foreclosure rates may continue to rise in 2012. It would not be good for taxpayers or our local governments or communities, or families, if our families who have worked hard to secure a modification, in spite of the Great Recession had to face foreclosure.
"Enough is Enough! Enough is Enough! For all Americans, my constituents included across this nation have been the unfortunate victims of the greatest rip off in a generation--the 2008 housing crisis and are still struggling to make their way out of it. It is time for Fannie Mae and Freddie Mac to take the leadership role to address the circumstances of the American people.
"Writing down these mortgages is the best tangible step forward to help homeowners immediately. The best way to combat the rise of foreclosures is for Fannie Mae and Freddie Mac --now the largest holder of subprime mortgages -- to be directed to provide straightforward principal reductions. We can no longer afford to have this nation's economic growth stifled by our stagnant housing market.
"So Edward DeMarco, you know the facts, you know the challenges, if you can't see it within your heart to do what is right by the American people, then we can't see any reason for you to remain in the position in which you sit. President Obama, it is time for us to act. Every day that goes by the American people are compounded in their suffering. This power trip of Edward DeMarco must end and it must end now. I want to thank everyone for being here today and let's get it done. Edward DeMarco, get it done or get out of the way."