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U.S. Rep. Yvette D. Clarke Fights for Underwater Mortgage Holders

Congresswoman Yvette D. Clarke, a member of the Congressional Progressive Caucus (CPC), joined advocates in New York, Washington, D.C. and Southern California to call on Edward DeMarco, the Acting Director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, to write down principal amounts for struggling homeowners.


“Twelve million Americans owe more money than the actual value of their homes.  My constituents have been waiting on Fannie Mae and Freddie Mac to take the leadership role and work with state Attorney Generals to write down mortgage principals, particularly on subprime mortgages. The American people have been duped, lied to, and kicked out of their homes and now it’s time for Mr. DeMarco to stand up and do right by them,” stated U.S. Representative Yvette D. Clarke. 


Combined, Freddie Mac and Fannie Mae own or guarantee more than half of all mortgages in the nation. DeMarco has faced calls for his resignation for refusing principal reduction, sometimes called “debt forgiveness,” for Freddie and Fannie mortgage holders.  


“Owning a home is a part of the American dream and underwater homeowners need justice now!,” said U.S. Rep. Clarke. “Write downs are about keeping families in their homes and saving taxpayers money by preventing foreclosures.  Simple, straightforward principal reductions are a good way to prevent the foreclosure crisis anchor from dragging down the U.S. economic recovery.”


This call echoes that of a coalition of progressive organizations and families struggling to keep their homes. The coalition includes Bowie, Maryland homeowner Bertina Jones, U.S. Marine Arturo de los Santos in Southern California, and advocates for Mr. de los Santos in New York. Protests were held yesterday at regional Freddie Mac offices demanding fair negotiations for themselves and other Americans who have been evicted from their homes.