Leading House Democrats are accusing the Obama administration of ignoring the lingering mortgage crisis and threatening tens-of-millions of Americans with foreclosure in the process.
The lawmakers – encouraged by Obama’s mention of mortgage-relief in his address to Congress last week – were quickly deflated just days later when their efforts to learn the details of the White House plan proved unsuccessful.
“The administration has been AWOL on this issue,” charged Rep. Dennis Cardoza (D-Calif.), “and the American people are suffering because of the mismanagement.”
“In my entire political career, I’ve never seen anything this irresponsible,” he added.
The Democrats were fired up after the administration declined their request for a briefing with Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), on the specifics of the White House plan.
Instead, said Rep. Elijah Cummings (D-Md.), “they [FHFA] sent us some career employees, and they were not able to answer the questions that we were most concerned about.”
“We need to have [DeMarco] here to address the questions,” said Cummings, the senior Democrat on the Oversight and Government Reform Committee. “He’s the person who answers directly to the president.”
Cardoza said that, during a June 2 Democratic Caucus meeting with Obama at the White House, the president vowed to propose “a very significant housing initiative in September.”
“Today we just heard that they don’t know anything about it at the FHFA,” Cardoza said.
Neither the White House nor the FHFA responded to requests for comment.
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5 Responses
and what do they expect him to do?
If people are losing their homes because their income fell and isn’t likely to go up, there isn’t much the President can do (other than improve the economy, which wojuld require going against his own pseudo-keynesian principles). If they are only in a temporary mess, the banks will probably negotiate since its better for the bank to refinace than to foreclose IF AND ONLY IF the refinancing increases the likelihood of repayment.
If they are being foreclosed because they were speculating and bought a home they couldn’t afford, bailing them out would be an insult to the bulk of Americans who weren’t playing the real estate market.
Why is obama so irresponsible; mean reason. he is clueless how to run anything except run for office. One basic premise you all must realize he wants America to become a 4th not 3th but 4th rate country. he is embarrassed that America is a super power and that is why he went around the world apologizing to all the other countries. he also hates England since England was the mother country of Indonesia where he grew up. People must remember his mother and father were marxist, communist. he has no experience doing anything
except organizing hand outs. he must must go even for his own good
#2- what does anything you say have anything to do with home foreclosures?????????????????
P.S. and most of his childhood was spent in Hawaii under his grandmother’s supervision
P.P.S. did you notice that the complaint the article isabout is from the far-left, which wants liberal bailouts of people facing foreclosure, even with the result they will end up in houses they could never afford based on their income, assets or job prospects
@akuperma – why are you always so mean spirited? People are hurting and you show zero compassion. I can not believe that you are Jewish. Please check to see if you are still circumcised.
Aldough I rarely agree with akuperma I find comment #4 very offensive.