Obama plans to fire FHFA head if re-elected

10/25/2012 9:10 AM | Anonymous
U.S. housing regulator Edward DeMarco is likely to lose his job overseeing government-controlled mortgage giants Fannie Mae and Freddie Mac if President Barack Obama wins re-election, the Financial Times reported on Wednesday.

Many liberal advocacy groups and Democrats on Capitol Hill have pressed Obama to replace DeMarco, the acting director of the Federal Housing Finance Agency who has denied requests from the White house to implement a housing rescue program that reduces mortgage principal for troubled homeowners.

The Financial Times, citing people familiar with the matter, said that due to DeMarco's unwillingness to be as aggressive as the White House would like on certain policies and past clashes over the execution of anti-foreclosure efforts, the administration hopes to oust him in the coming months.

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