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Democrats Urge Obama to Recess Appoint New FHFA Director

Twenty-eight California Democrats urged President ""Barack Obama"":http://www.whitehouse.gov/administration/president-obama Wednesday to sidestep Congress by recess-appointing another agency director ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô this time for the ""Federal Housing Finance Agency"":http://www.fhfa.gov/ (FHFA).

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Rep. ""Dennis Cardoza"":http://cardoza.house.gov/ (D-Mercel), a frequent critic of current FHFA acting director Edward DeMarco, led the way with an open letter that called on the president to ""put in place a permanent FHFA director"" despite resistance from lawmakers.

""For two and a half years, Senate Republicans have been blocking the appointment of this position, causing there to be no permanent Director,"" the letter said. ""The current economic crisis began in the housing market and our economic recovery

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is dependent on the important work pending before the FHFA.""

Democratic signers criticized the FHFA for failing to assist more homeowners and prevent foreclosures, beginning with an energy program described by the members of Congress as one that would lower energy payments and help Americans afford their mortgages.

""FHFA has consistently and erroneously interpreted its mandate far too narrowly and as such has failed to take adequate action to help homeowners,"" the signers added.

Last week Obama bypassed lawmakers and Republican opposition by recess-appointing Richard Cordray director of the ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ and several others to board roles with the National Labor Relations Board ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô moves that earned ire from the right and across the industry.

DeMarco remains in the sight of many Democrats for reportedly resisting efforts by the Obama administration to expand government assistance programs for homeowners.

Sources speaking with _MReport_ for past stories said that the acting director pushed back on expansions for the Home Affordable Refinance Program, fearing further losses to ""Fannie Mae"":http://www.fanniemae.com/portal/index.html and ""Freddie Mac"":http://www.freddiemac.com/.

Cardoza first went on the offensive last fall when he called on Obama to replace DeMarco with a new director.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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