A growing chorus of voices across the country is calling for President Obama to replace the acting director of Federal Housing Finance Agency (FHFA), Edward J. DeMarco. DeMarco, a holdover from the Bush administration, is responsible for overseeing Fannie Mae and Freddie Mac. President Obama’s nominee to replace him in 2010 was blocked by Republicans.

DeMarco has prohibited Fannie and Freddie from providing responsible homeowners who are struggling to keep up with their mortgages with access to principal reductions. He has even refused to allow them to participate in the Obama administration’s principal reduction program (HAMP PRA), despite FHFA analysis showing that participating in the program could save $3.6 billion for Fannie Mae and Freddie Mac and $1 billion for the taxpayers.

Federal Housing Finance Agency Acting Director Edward DeMarco is denying relief to as many as half a million struggling homeowners by refusing to allow Fannie Mae and Freddie Mac to engage in principal reduction, AFL-CIO President Richard Trumka said Tuesday. Trumka's comments came after DeMarco announced he will continue to prohibit Fannie Mae and Freddie Mac from participating in the Obama Administration’s mortgage principal reduction program. Read the rest of Trumka's statement here.