Obama Will Fire FHFA Director Ed DeMarco In December, Wall Street Analyst Says

[trailmonkee]

Source: huffington post

Bank of America analyst Ralph Axel said Friday that he expects President Barack Obama to fire acting Federal Housing Finance Agency Director Ed DeMarco, should Obama win reelection. Firing DeMarco, Axel said, would unleash a "secret weapon" to boost the economy by allowing more borrowers to refinance their mortgages.

DeMarco has been embroiled in a public feud with the White House for most of 2012 over his refusal to allow principal reductions for troubled borrowers whose mortgages are owned by Fannie Mae and Freddie Mac. Writing down the total debt burden these "underwater" borrowers owe would bring their mortgages in line with current home values, and reduce their monthly mortgage payments, giving them more money to spend on other economic activities.

"Although DeMarco has agreed to some stimulus programs, including an expansion of the HARP program, much more can be done," Axel wrote in a note to clients dated Friday, Nov. 2. "We would expect to see President Obama use the recess appointment to replace DeMarco in December were he reelected."

Read more: http://www.huffingtonpost.com/2012/11/02/wall-street-obama-fire-ed-demarco_n_2065902.html?utm_hp_ref=politics

[LovingA2andMI]

1. DO THIS President Obama!!!

But extend the opinion to those not in traditional Fannie and Freddie Mac Mortgages too. If this action is done, President Obama will secure his legacy in the eyes of Americans who did the RIGHT THING when purchasing their homes, had the money to pay for them but got played by the greedy banks over-valuing their property to play securities and derivatives games.

[snappyturtle]

2. Sounds good to me! nt

[NoOtherMedicineNovel]

24. Sounds good to me, too. Credit score of 813 hasn't helped me one bit.

I'm a veteran's widow, on fixed income. My home value went down from $350,000.00 to $57,000.00. Never late on payment entire 12 years paying mortgage. BOA wouldn't refinance because I'm a "responsible" borrower. GMAC (who's charging me 8.25% interest) refused to refinance for same reason. Even though my credit score is 813. Makes no sense to me. Please, please, please let's hope whatever action President Obama takes these next four years (and there WILL be four more years) please give those of us who have remained responsible credit due for the financial beating we've taken because banks/lenders have prevented us from refinancing at property value -- and at a fair interest rare.

HELP, I'm drowning as I fall through the financial cracks.

[Hansolo99]

3. About Time

This should have been done along time ago. Another worthless leftover from the Bush administration.

[Tikki]

8. Hi Hansolo99.....WELCOME to DU...

Tikki

[Hansolo99]

27. Thanks

I have been following Democratic Underground every day for years. I decided to try and become more active in posting. I voted early as well.

[CountAllVotes]

28. Welcome to the DU!

I voted early too!

Glad to have you here!

[Spitfire of ATJ]

14. Wow! First post and it cuts right to the heart of it.

[HoosierRadical]

4. Show that corporate hack the door prez!

I hope the Prez gets rid of Geithner and Bernake too!

[CountAllVotes]

29. I couldn't agree more!

Time to get rid of these Bush leftovers that are busting up the economy with the ultra low interest rates that are helping no one but the damn greedy banks and the rats on Wall Street!

Time to say buh bye to Ben & Tim!! The sooner the better!!

YES WE CAN GET RID OF THESE TWO INCOMPETENT IDIOTS!

Welcome to the Democratic Underground btw!!

[Jamaal510]

5. FIRE!

[IMG][/IMG]

[merrily]

6. I am not sure why he has to be fired, instead of given different marching orders, but whatever.

I just hope people who are under water can finally refinance at lower interest rates.

[jonthebru]

12. Look in the dictionary under

intransigent. There you will find his picture. This issue didn't just come up today, it has been around for a while.

[merrily]

31. Thanks.

I like the way you put it, too.

[sendero]

17. He cannot be given marching orders..

.... he has been asked to do things that the president wants and he has refused. He needs to go.

[merrily]

30. Thanks.

[Monk06]

7. Banks have foreclosed on a huge number of homes, whole neighborhoods and left them to rot.

They can and will write off the losses, tear down the homes and sell huge tracts of highly valuable suburban and downtown land for redevelopment at a huge profit.

In the old days it was called slum clearing. Now they steal the land, let the neighborhoods decay into slums. Then they come in the bulldozer and gentrify old and previously secure and safe neighborhoods.

They did this to Sackville Nova Scotia, which was a large and financially stable black community. Until whites needed the land and then they condemned the town because it was built on a garbage dump.

Not all race based land theft happens in the US. It has happened in Canada too.

[MessiahRp]

9. He and GOP board members at Freddie Mac have been purposely sabotaging Obama

It's about time he get fired. Those Refis were supposed to be a major piece of the recovery and the political opponents at FM tried not to implement the new rules so they could damage Obama politically.

[Left Coast2020]

10. It should have happened in the summer

But nonetheless, a President who listens to the people. Awsome.

[Rowdyboy]

11. Its past time for this kind of action. There should be dozens of recess appointments after the

election and Harry Reid damn well better "reform" the filbuster. The way it has been miss-used by Republicans over the last 4 years has convinced me that its necessary that the be changed severly and the filibuster be gutted as a weapon that can forever thwart a majority in the senate. I know that will be used against us in the future but I no longer care. They broke the system-now we need to fix it too.

[Angry Dragon]

13. I am waiting for the bankers to be in prison

[WinYetLose]

15. Pres Obama F-ed up when he did not fire DeMarco and ALL others

that were appointed during the Bush years on 1/20/09.

Bipartisanship is and will always be Pres Obama’s Achilles heel and I highly doubt he will end his quest for bipartisanship after the election either.

Bipartisanship is nothing but a fool errand.

[sendero]

18. I agree with the fools errand

.... but I actually think Obama has finally learned that you cannot work with Republicans when their only goal is to tear you down.

I expect Obama's second term to be very different than the first.

[WinYetLose]

19. Everyone loves campaign Obama but Governing Obama

Not so much.

He talks the talk but does not walk the walk.

I don't think he has learned dick but perhaps he will prove me worng but I doubt it.

[coldwaterintheface]

20. Truth!

[sendero]

21. I see a difference...

.. in even the way he is campaigning.

You might be right but consider this. I realize that Obama is not as progressive as he campaigned to be. But I think he came into office believing (correctly I might add) that the partisan nature of Washington has gone malignant, and that he could do something about that, make an effort to heal it.

What he did not bargain on was that as a black man he would not be welcomed to the club no matter what.

I think he gets that now and I think he is going to take the reins in a second term.

There is nobody who was more bitterly disappointed in 2010 Obama but things can change.

[stillcool]

22. actually...in reality

it is the only way to get anything done. Perhaps people need a tutorial about how our government works, and what a President can and can not do without Congress. It doesn't really matter though, does it? The complainers will go on electing representatives that consistently screw them over, and save their wrath for someone else.

[fasttense]

16. Getting rid of the bushes appointees, what a concept. n/t

[lonestarnot]

23. Waiting for that! I will boost the economy!

[condoleeza]

25. Good place to start

then he needs to get rid of Michael Taylor and Tom Vilsack, who are destroying the FDA. I will never understand why Obama put Taylor in, seems completely counter to Michelle's focus on healthy eating.

[bluestateguy]

26. Oooh! Just like Nixon firing Cox and the Saturday Night Massacre!

Just watch. That's how it will be portrayed.