U.S. Senator Pat Toomey (R-Pa.) today commended the Federal Housing Finance Agency Acting Director Edward DeMarco for refusing to allow Fannie Mae and Freddie Mac to implement principal mortgage forgiveness through the Home Affordable Modification Program Principal Reduction Alternative.
"American taxpayers have already pumped $188 billion into housing giants Fannie Mae and Freddie Mac to keep them afloat, and now some in the administration want to put taxpayers on the hook for even more money," Sen. Toomey said. "Acting Director DeMarco deserves to be commended for insisting on conserving the government-sponsored enterprises' assets and protecting taxpayers from the risk of an even bigger Fannie and Freddie bailout. Undoubtedly, he came under considerable pressure from this administration, but Acting Director DeMarco did the right thing today by putting taxpayers' interests ahead of election-year politics."