<...>
We’re going to work with federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4 percent," Obama said. "That’s a step that can put more than $2,000 a year in a family’s pocket, and give a lift to an economy still burdened by the drop in housing prices."
From the audience, Cardoza – who represents one of the districts hit hardest by the foreclosure crisis – shot to his feet in applause.
<...>
Cardoza didn't limit his blame to the president, noting that Obama's pick to replace DeMarco with a permanent FHFA director was blocked by Sen. Richard Shelby (Ala.), senior Republican on the Banking Committee.
"That vacancy needs to be filled," Cardoza said, "
the Senate needs to quit playing politics."
<...>At least Cardoza likes the President's current proposal.
Here are the
lettersSeptember 9, 2011
<...>
Dear Acting Director DeMarco:
We are writing to request that you make key agency officials available next week for a meeting with Members to begin discussing a plan to review, evaluate, and implement the proposal made by the President last night to help more American families refinance their mortgages at historically low interest rates.
During his address to Congress, President Obama set forth a robust proposal to spur economic growth and help create jobs across the country though the American Jobs Act. According to various estimates, the President's proposal has the potential to grow the economy by one to three percent in 2012, create more than a million jobs, and significantly lower the unemployment rate.
A key part of the President's proposal is to help American families avoid foreclosures by assisting them in refinancing their mortgages at lower interest rates. This proposal would help not only these families, but their communities, investors, and the American taxpayers. As the President stated:
(T)o help responsible homeowners, we're going to work with Federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4%—a step that can put more than $2,000 a year in a family's pocket, and give a lift to an economy still burdened by the drop in housing prices.
The President's proposal is similar to bipartisan legislation that has been introduced in Congress and has garnered widespread support from industry, investors, and consumer groups. There are currently more than 8 million homeowners whose mortgages are guaranteed by Fannie Mae and Freddie Mac and are carrying an interest rate at or above 6%, even though current 30-year mortgage rates are hovering at about 4.12%.4 According to Bill Gross, managing director and co-CIO of the world's largest bond fund, PIMCO, removing barriers to refinancing under these proposals could provide an economic stimulus of up to $50 billion or $60 billion.
For these reasons, we request that you designate appropriate officials from your agency to meet with Members next week in order to begin discussing an approach to expeditiously executing the President's proposal. We have tentatively scheduled this meeting for 4 pm on Thursday, September 15, 2011, but we are willing to adjust our calendars to make necessary accommodations.
Thank you for your consideration, and we look forward to working with your agency on this critical issue.
September 13, 2011
<...>
Dear Acting Director DeMarco:
On Thursday evening, President Obama delivered an address to Congress and the Nation proposing several ways to spur economic growth and help create jobs across the country, including a proposal to help American families avoid foreclosures by refinancing their mortgages at historically low interest rates. The President stated:
(T)o help responsible homeowners, we're going to work with Federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4%—a step that can put more than $2,000 a year in a family's pocket, and give a lift to an economy still burdened by the drop in housing prices.
Bill Gross, the Managing Director and co-CIO of the world's largest bond fund, PIMCO, believes that removing barriers to refinancing under this type of proposal could provide an economic stimulus of up to $50 or $60 billion.
For these reasons, on Friday, Rep. Elijah E. Cummings, Ranking Member of the Committee on Oversight and Government Reform, and Rep. Dermis Cardoza, Co-Chair of the Housing Stabilization Task Force, wrote to you on our behalf with this request:
We are writing to request that you make key agency officials available next week for a meeting with Members to begin discussing a plan to review, evaluate, and implement the proposal made by the President last night to help more American families refinance their mortgages at historically low interest rates.
We were dismayed, therefore, to learn that your Office of Congressional Affairs sent an email response later that day indicating that officials from your agency believe it would be premature to "brief Members of Congress before they resolve the details of their response to the President's proposal.
Contrary to the assertion made by your Office of Congressional Affairs, the letter from Representatives Cummings and Cardoza did not request a “briefing.” It requested a meeting that would enable us to begin a detailed dialogue about the process by which agency officials will “review, evaluate, and implement the President's proposal.”
Contrary to another assertion made by the Office of Congressional Affairs, this meeting would not be premature—if anything, it is overdue. Legislation similar to the President's proposal has been pending in both the House and Senate for months. On Friday, you issued a public statement in response to the President's address indicating that your office has been “analyzing these issues” and discussing them with “a range of stakeholders.” As Members of Congress who have been tirelessly seeking to support renewed economic growth by stabilizing the housing market, we certainly deserve the same courtesy and consideration as other stakeholders in this process.
Fannie Mae and Freddie Mac guarantee more than 50% of all existing mortgages, including the mortgages of millions of responsible U.S. homeowners who are currently underwater. We appreciate that FHFA is examining ways to respond to the President's call to action, but we would like to speak with the officials responsible for implementing this proposal now rather than later.
For these reasons, we renew our request that the appropriate agency officials be made available for a meeting with Members to discuss these issues on Thursday, September 15, at 4:00 p.m.
Congress needs to pass the damn bill!
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