Nadler Urges Justice for Underwater Mortgage Holders

Press Release

Today, Congressman Jerrold Nadler (D-NY), a member of the Congressional Progressive Caucus, joined advocates in New York, Washington, D.C. and Southern California in calling on Edward DeMarco, the Acting Director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, to write down principal amounts for struggling homeowners.

"The nation is still facing a tremendous obstacle to economic recovery: some 12 million Americans owe more money than their homes are worth," said Nadler. "After so many homeowners have been taken advantage of and afforded little opportunity to extricate themselves from financial ruin, it is critical to provide the justice and relief that we can. Mr. DeMarco must do everything within his power to provide that justice. Write downs on mortgages will keep struggling Americans in their homes, provide relief for middle class families, and save taxpayer money through preventing foreclosures."

Combined, Freddie Mac and Fannie Mae own or guarantee more than half of all mortgages in the country. DeMarco has faced calls for his resignation for refusing principal reduction, sometimes called "debt forgiveness," for Freddie and Fannie mortgage holders.

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