California Democrats Want New Housing Regulator

Washington, DC, Jan. 13, 2012 -- Twenty-eight House Democrats from California urged President Barack Obama to replace the acting regulator of housing finance agencies Fannie Mae and Freddie Mac.

The congressmen want Obama to replace Edward DeMarco as acting director of the Federal Housing Finance Agency and immediately nominate a new director, citing the failure to take adequate steps to help homeowners.

Fannie Mae and Freddie Mac, two congressionally chartered companies charged with providing liquidity to the U.S. housing market, were seized by the government in September 2008 as mortgage losses mounted.

DeMarco was named acting director of the FHFA in August 2009.