housing regulator says former chief DeMarco to leave in April
Send a link to a friend
[March 25, 2014]
By Margaret Chadbourn
WASHINGTON (Reuters) — Edward DeMarco,
former acting director of the housing regulator that oversees Fannie
Mae <FNMA.OB> and Freddie Mac <FMCC.OB>, said on Monday he would
leave the agency at the end of April.
DeMarco led the Federal Housing Finance Agency in an acting capacity
from 2009 until January, when Mel Watt, an Obama administration
appointee and former North Carolina congressman, was sworn in as
DeMarco had often been criticized by housing advocates and
Democratic lawmakers for refusing to let Fannie Mae and Freddie Mac
cut debt for borrowers whose mortgages exceeded the value of their
homes. Simultaneously, he earned praise from Republican lawmakers
for improving the bottom line at the two government-controlled
Fannie Mae and Freddie Mac, the two leading sources of U.S. mortgage
funds, were seized by the government during the financial crisis in
2008 and propped up with $187.5 billion in taxpayer funds. They have
since returned to profitability and by the end of March will have
sent the Treasury $202.9 billion in dividends.
[to top of second column]
"Ed has been an invaluable asset to FHFA and I appreciate his
assistance to me during this transitional period," Watt said in a
statement. "Throughout his 28-year career as a public servant, he
has made many important public policy contributions grounded in his
strong background in housing finance."
DeMarco, a career government employee, has yet to announce his
(Reporting by Margaret Chadbourn; editing by Bernadette Baum)
[© 2014 Thomson Reuters. All rights
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.