In a letter sent this week, more than 24 members of the House
of Representatives said that the regulators of two giant mortgage firms,
Freddie Mac and Fannie Mae, are planning to help struggling homeowners
by refinancing cheap rated mortgages to avoid foreclosure. According to
them, this will also help to improve the situation of the country by
avoiding foreclosure.
The letter has been sent to the present director of the Federal
Housing Finance Agency, Edward DeMarco by lawmakers who are mainly
Democrats. In that letter, they have requested him to meet regulators
who have described their meeting with the FHFA representatives of the
lower level as disappointing.
In the letter, lawmakers said, “We expressed our profound frustration
with the apparent lack of urgency shown by your agency and by agencies
within the Administration in addressing the foreclosure crisis.”
Maryland’s Representative Elijah E. Cummings, who is the main Democrat
of the House Oversight Committee, and a California Republican and the
leader of the panel, Darrell Issa are co signers of this letter.