Gov. Brown To Obama: Get An FHFA Director, Pronto!

Posted by Orb Staff on January 17, 2012 No Comments
Categories : Residential Mortgage

10720_jerrybrown Gov. Brown To Obama: Get An FHFA Director, Pronto! California Gov. Jerry Brown has urged President Obama to name a director for the Federal Housing Finance Agency (FHFA), adding that Acting Director Edward J. DeMarco was ‘hindering California's economic recovery and harming state efforts to promote clean energy.’

The Los Angeles Times reports that Brown, in a letter sent to the White House last week, said that DeMarco has consistently ‘ignored’ California's foreclosure crisis by ‘failing to exercise [the FHFA's] full authority over residential mortgages underwritten by Fannie Mae and Freddie Mac.’

Brown also stated that DeMarco had ‘completely sabotaged’ the Property Assessed Clean Energy (PACE) program that enabled homeowners to use bond-backed property tax assessments to finance the installation of solar panels and other energy-efficiency improvements. DeMarco suspended the PACE program in 2010, and Brown complained that the program ‘could be delivering tens of thousands of jobs in communities throughout America.’

Brown added that Obama needed to appoint a permanent FHFA director ‘who will truly represent your policies.’

The FHFA has been without a director since August 2009, when James Lockhart stepped down. Obama nominated North Carolina Commissioner of the Banks Joseph A. Smith Jr. for the directorship in November 2010, but his nomination stalled in the Senate and Smith withdrew his candidacy.

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