BREAKING: California state Attorney General Kamala Harris just demanded a moratorium on foreclosures by Fannie Mae and Freddie Mac.1 Now that's leadership.
Attorney General Harris is insisting that the Obama administration stop denying underwater homeowners the ability to adjust their mortgages to match real home values. She's also calling for a moratorium on foreclosures until they reverse course.2 If we can get enough state attorneys general to join her, we could throw homeowners a real life-preserver and save millions of homes.
We know the power state attorneys general can have when they stand togetherwe just saw it in the mortgage fraud settlement. A handful of attorneys general stopped the banks from getting away scott-free.3 If we can encourage them to join in the call for a moratorium, we can make a real difference for homeowners facing foreclosure.
New York Attorney General Eric Schneiderman has been a champion for New York homeowners, and needs to take the next step by joining Attorney General Harris.
Bush appointee and acting head of the Federal Housing Finance Agency, Ed DeMarco, is standing in the way of homeowners bringing their mortgages in line with real home values, even though his own agency showed it could save taxpayers $28 billion and help millions of homeowners.4
That's why Attorney General Harris' request is so important. It brings DeMarco out of the shadows, and demands that he stop Fannie and Freddie foreclosures until he can prove there's more than ideology behind the policy that's causing so much harm to homeowners, taxpayers, and the economic recovery.
The more attorneys general join in the demand, the stronger that makes it. And the more likely we are to get real help for homeowners.
Thanks for all you do.
Elena, Stephen, Ryan, Sarah, and the rest of the team
1. "Kamala Harris To Fannie Mae And Freddie Mac: Halt Foreclosures In California," The Huffington Post, February 27, 2012
3. "Schneiderman: Settlement deal a 'small' but 'significant' step towards real accountability," The Washington Post, February 9, 2012
4. "Edward DeMarco: The Ideologue Who's Holding Homeownersand the EconomyHostage," The Huffington Post, February 14, 2012
"Faulty reasoning keeps Fannie and Freddie out of foreclosure deal," Los Angeles Times, February 14, 2012
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